LAW OF THE REPUBLIC OF ARMENIA

of May 25, 2013 No. ZR-45

About modification and amendments in the Law of the Republic of Armenia "About budget system of the Republic of Armenia"

Accepted by National Assembly of the Republic of Armenia on April 30, 2013

Article 1. Add the Law of the Republic of Armenia "About budget system of the Republic of Armenia" of June 24, 1997, ZR-137, (further - the Law), Article 1.2 of the following content:

"Article 1.2. Determinations and concepts

In sense of this law:

1. Budget incomes is the money arriving in state and communal budgets according to the legislation of which also local government bodies dispose respectively state (except for the means received from alienation of the non-financial assets listed in part 7 of this Article and the means classified by this Law to sources of financing of deficit (shortage) of budgets).

2. Expenses of the budget is the money allocated from the relevant budgets for the purpose of ensuring financing of legislatively referred functions state and local government bodies (except for loan granting and loans, repayments of the involved borrowed funds, and also cases of participation in shares and the capital and acquisition of other securities).

3. Expenses in the area of capital or non-financial assets are those expenses provided within programs of the state and communal value which lead to creation (acquisition) of the non-financial assets listed in part 7 of this Article or to increase in their cost.

4. Current expenses are those expenses which are not included in capital expenditures.

5. Borrowed funds are the means received by budgets from distribution of the securities issued by the state or communal and also in type of loan and budget loans.

6. Financial assets are shares, other equity participation and other securities of the legal entities belonging to the state or community on the property right, the budget credits and loans granted from budgets and also free remaining balance of budgetary funds for the beginning of year.

7. Non-financial assets is the property, plant and equipment (fixed assets) belonging to the state or community on the property right high-valuable assets, not made assets, inventory items stored in storages of the state strategic and communal importance.

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