www.armef.com, Erik Grigoryan, Chairman of Young Environmental Lawyers and Economists
With the adoption of the new code on subsoil (2011), an amendment was made to the environmental fees and the notion of royalties was introduced. It was the proposal of the World Bank and they offered to have 0.25% of royalties, but stakeholder organizations insisted and substantiated that no such low figures exist in the world. Eventually the government made a decision that the payment of royalties shall account for 4%+, which means 4% is calculated from the revenue irregardless of the price sold.
12:47 March 31, 2014