Specifically, listed companies that comply with requirements set – free float of min 20%, min number of shareholders 100, reports prepared and published according to IFRS – are entitled to a 50% reduction in profit tax payable (but not to exceed AMD 300 mln (around USD 800,000) annually). As regards VAT tax benefits, a company gets compensated for the amount of the VAT paid on services that it purchased to become public and get listed on the stock exchange, provided that the listing was successful. The services comprise those required during IPO preparation process, specifically legal, marketing, advisory, audit services, as well as admission to listing. Companies getting the tax benefits are required to maintain listed status and compliance with the requirements for a number of years. Full texts of the amendments to the Laws in English are accessible on NASDAQ OMX Armenia website here: http://www.nasdaqomx.am/en/legislation.htm).