YEREVAN. - The adoption of "The Subsoil" code will increase taxation of Armenia’s mining industry by AMD 3.5 billion, Armenia’s PM Tigran Sargsyan announced on Wednesday during Parliament session.

“This is one of the most important bills on the agenda which is being developed for already 2 years. We received technical support from the World Bank, so the project meets international standards,” the PM stressed.

The WB experts see serious investment potential in Armenia’s mining industry, which will bring $500 million profit per year. That is why it is important for the Armenian legislation to meet the leading world standards.

“If we adopt a more modern and effective taxation system, we will be able to collect more taxes. With the new system, in 2012 we will collect by 3.5 billion drams more taxes than in 2011, in the same conditions and by keeping the world current prices for metals,” the PM declared.

"The Subsoil” code creates a legal basis for the mining industry.