LAW OF THE REPUBLIC OF ARMENIA

of June 19, 2000 No. ZR-61

About the simplified tax

Accepted by National Assembly of the Republic of Armenia on June 5, 2000

Article 1. Subject of regulation of the Law

This Law governs the relations connected with calculation and payment of the simplified tax, determines circle of payers, tax rates, procedure for its calculation and payment.

Article 2. Concept of the simplified tax

1. The simplified tax is the tax on business activity replacing the value added tax (VAT) and (or) the income tax (income tax) paid to the government budget in sizes and the terms established by the law.

2. For legal entities the simplified tax replaces the VAT and (or) the income tax.

3. For individual entrepreneurs and notaries the simplified tax replaces the VAT and (or) the income tax.

Article 3. Suspension of tax benefits

For payers of the simplified tax regarding the relations regulated by this Law the tax benefits established by the tax legislation on the VAT and the income tax (income tax) stop, and also in case of determination of taxable profit or the income deductions from gross income and the amount established by the law for recognition by the payer of the VAT are not considered.

Article 4. Payers of the simplified tax

1. In the Republic of Armenia the legal entities, individual entrepreneurs and notaries who provided to tax authorities in the place of the accounting the declaration to the terms established by the law and procedure, and meeting conditions, the stipulated in Item 2 these Articles except for specified in Item 3 of this Article are considered as payers of the simplified tax.

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