"Real owner" concept to be widened in Armenia's mining industry
23.10.2019,
14:58
The National Assembly of Armenia passed Wednesday at the first reading a package of amendments to the law on entrails and related law. The amendments imply expansion of a list of persons who are considered real owners of mining companies. "As a result of discussions with all parties, we decided to widen " the real owner" concept in mining industry, and we propose to consider also all those involved in the administration as owners," said Deputy Territorial Administration Minister Lilia Shushanyan.
YEREVAN, October 23. /ARKA/. The National Assembly of Armenia passed Wednesday at the first reading a package of amendments to the law on entrails and related law. The amendments imply expansion of a list of persons who are considered real owners of mining companies. "As a result of discussions with all parties, we decided to widen " the real owner" concept in mining industry, and we propose to consider also all those involved in the administration as owners," said Deputy Territorial Administration Minister Lilia Shushanyan.
She also said that the period of time given for submission of declarations will be extended to January 30 to make it possible to submit the information in electronic mode. Some amendments apply to procedures - they facilitate some processes. In particular, one of them implies the application of a mechanism of a one-time permission for construction of roads, water reservoirs, tunnels and underground depots. The time given for making decisions on commissioning ore fields will be 60 working days.
Shushanyan also said that changes are planned to be made in statistical data to rid them of subjective information.
In April 2019, the Armenian National Assembly amended the law on entrails to identify real owners of mining companies, also in offshore zones. Before that legal entities could be considered as owners, while now the companies will be obliged to reveal all affiliated persons, also in offshore zones. -0---
She also said that the period of time given for submission of declarations will be extended to January 30 to make it possible to submit the information in electronic mode. Some amendments apply to procedures - they facilitate some processes. In particular, one of them implies the application of a mechanism of a one-time permission for construction of roads, water reservoirs, tunnels and underground depots. The time given for making decisions on commissioning ore fields will be 60 working days.
Shushanyan also said that changes are planned to be made in statistical data to rid them of subjective information.
In April 2019, the Armenian National Assembly amended the law on entrails to identify real owners of mining companies, also in offshore zones. Before that legal entities could be considered as owners, while now the companies will be obliged to reveal all affiliated persons, also in offshore zones. -0---
