LAW OF THE REPUBLIC OF ARMENIA

of July 28, 1998 No. ZR-243

About modification and amendments in the Law of the Republic of Armenia "About the income tax"

Accepted by National assembly of the Republic of Armenia on July 6, 1998

Article 1. "About the income tax" to state Item 2 of article 12 of the Law of the Republic of Armenia in the following edition:

"2. The amount of the depreciation charges in the procedure established by this Article is calculated, proceeding from the minimum depreciation terms established below for this group of fixed assets:

a) for buildings, structures and sending devices,

except for 20 years specified in the subitem "b" of this Item

b) for hotels, boarding houses, rest houses, buildings and structures of sanatoria of 10 years

c) for unmarked flow lines, robotics 3 years

d) for the computer and computer equipment 1 year

e) for the capital investments directed to other fixed assets including, on working animals, perennial plants and improvement of lands of 5 years.

The minimum depreciation term for the fixed assets which are in zone of disaster specified in subitems "an" and "b" of this Item is established one year. The territory of the zone of disaster specified in this part is established by the Government of the Republic of Armenia".

Article 2. To remove the word "percent" from table 1 of article 57 of the Law and to add the table with new line of the following content:

"percent 0".

Article 3. To add article 69 of the Law with new part of the following content:

"The penalties provided for concealment or shown less than proper leviable object are not applied to those taxpayers who prior to checks of tax authorities independently found less profit calculated for previous years, made the corresponding records in financial accounting and in writing reported about it in body of tax authorities of the accounting".

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