Thursday, December 28 2017 14:23
Naira Badalian

Pre-New Year tax preferences for business entities from the government of Armenia

Pre-New Year tax preferences for business entities from the government of Armenia

ArmInfo. The government of Armenia at the last meeting of 2017 granted tax preferences to 6 economic entities, one company received the status of the operator of the "Alliance"

The company "Chateau Arno" received a deferral for the payment of VAT for three years for imported equipment. The company intends to resume work on the reconstruction of the second building of the company in the community of Eintap, Arata region of Armenia, where it will be engaged in the production of cognac and wine. The investment package provides investments for the amount of 76 million drams, create 15 new jobs, with an average monthly salary of 120 thousand drams.

Within the framework of the investment program, Gofrolline LLC received a tax privilege in the form of exemption from payment of customs duties on imported technological equipment, their parts and components, raw materials and materials for 1mln 535 thousand drams. Investments will amount to 600 million drams, create 10 new jobs. The total volume of production will make about 250 million drams a year. The executive branch granted a similar privilege for 147 mln drams to CJSC "Elbat" and LLC "Pak Pen".  "ELBAT" offers a wide range of batteries for various kinds of vehicles - cars, buses, utility and freight cars, as well as heavy agricultural and construction equipment. The total cost of the investment program will be 14.5 billion drams. It is planned to create 78 new jobs with an average salary of 198 thousand drams.

The volume of production will make 1.5 billion drams, of which production worth 1 billion drams will be sold in Armenia. "Pak Pen" plans to invest 1.1 billion drams and create 10-12 jobs. The planned volume of production will make 1.4bln AMD - some will be sold in Armenia, the rest - in the countries of the EAEC.

Damala Group LLC received a 3-year grace period for the payment of value added tax charged by the tax and customs authorities for imported technological equipment from December 22, 2017 to March 31, 2018.  As part of the investment program, the company intends to do business in the catering sector. The planned investments will amount to about 602.2 million drams, of which 23.9 million drams will be used to purchase equipment. Within the investment program, 80 jobs will be created, with an average salary of 190 thousand drams for 2018-2020.

The Armenian Cabinet of Ministers approved the export program of "Armholding" CJSC and decided to establish a minimum customs value for goods for the period 2018-2021. It is envisaged that in 2018 export will make 51bln AMD, in 2019 54bln AMD, and in 2020 - 57bln and 61bln AMD in 2021. The export will be sent mainly to the countries of the EAGE. Within the program, the number of jobs will be brought up to 520, with an average monthly salary of 300-600 thousand drams (28 companies in the holding).

The Armenian government also approved the application of Date Cube LLC for the right to receive the operator of the free economic zone Alliance. The company intends to create a modern data center (data center). Investments will amount to $ 50 million. In the first year of the Center's work, it is expected to create 10 new jobs with an average salary of 100 thousand drams. At the fifth year of the company's activity, the number of employees will exceed 60 people. The total export volume at the initial stage will be about $ 7.5 million, after 5 years - more than $ 25 million. The export will be sent to the United States, Great Britain, Cyprus, Georgia, Israel, Latvia in future and to the countries of the EAEC.

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