Armenian Government continues provision of tax exemptions

ArmInfo. "Ararat Wine Plant" and "Invest Media Group IMG" will receive tax exemptions as a delay for VAT payment. The decree on this was established during the meeting of government on April 20.

As the Minister of Economic Development and Investment of Armenia Suren Karayan stated, "Ararat Wine Plant" intends to invest in modernization of the production 3.1 billion AMD. Within the framework of investment program, the Armenian Government, delayed the VAT payment for 3 years, counted by the tax and custom services during the import of goods. The company intends to purchase energy lines for production and bottling of the drinks in order to increase the quality of production and increase its volume, which will not only increase the quality of products but also will increase the production volumes of the plant. In general, as the Minister noted, for the reequipment is planned to allocate 3.1 billion AMD. As a result, 20 new jobs will be created with the average salary of 162 thousand AMD in 2017, 185thousand in 2018 and 195 thousand in 2019.

By another decision of the Government, a similar tax exemption is provided to "Invest Media Group IMG".  Within the framework of invest program, as Suren Karayan informed, import of equipment and goods for solar power production is planned. The planned investments will amount 287 million AMD, 10 jobs will open with average salary of 100 thousand AMD.