Armenia exempts Russia from paying $6.2m

Armenia exempts Russia from paying $6.2m

RosBusinessConsulting, Russia
May 11 2004

RBC, 11.05.2004, Yerevan 13:40:45.The parliament of Armenia
exempted the Russian Economy Ministry from paying VAT totaling $6.2m
within the framework of a deal on including the assets of Razdan
thermal power station in the authorized capital of Razdan Energy
Company. According to the ARKA news agency, the Armenian parliament
adopted a corresponding bill on the second reading. The final stage
of transferring the Razdan thermal power station to Russia implies
including its property in the authorized capital of Razdan Energy
Company, a legal entity, which is being established by Russia in

According the legislation of Armenia, Russia had to pay a 20-percent
VAT from the cost of the property ($31m), which amounted to $6.2m. As
a result, Russia faced unforeseen expenditures and the Armenian side
decided to introduce changes to legislation, which imply VAT relief
for establishing Razdan Energy Company.

From: Emil Lazarian | Ararat NewsPress

Emil Lazarian

“I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS