Thursday, May 30 2019 18:12

ArmInfo. The government of Armenia continues to distribute tax benefits in order to stimulate capital investments. At a meeting on May 30, the Cabinet approved the  applications of several companies to receive tax incentives.

Thus, LLC AVALANZH will be exempt from paying import duties on  imported equipment, components and raw materials. As the Minister of  Economic Development and Investments of Armenia Tigran Khachaturian  stated, the company, founded in 2016, operates in the Aragatsotn  region. The exemption provided relates to the construction of  greenhouses. Within the framework of the investment project, the  planned volume of investment for the purchase of equipment will be 1  billion 760 million drams, equipment worth 1 billion 220 million  drams will be included in this application, the state budget will  lose 744 thousand drams in the form of lost tax payments.

Currently, the company employs 21 employees, it is planned that  during the implementation of the investment program 60 people will be  hired with an average salary of 120 thousand drams. The total volume  of production will make 780 million drams, of which 155 million drams  will be sold in Armenia, 625 million drams in the EEU markets.

GRANT LLC, which has been operating since 2015 and manufactures  high-pressure gas cylinders of the CNG-1 type, also received a tax  exemption in the form of a deferment of VAT for three years when  importing goods into Armenia. The company will invest 26.7 billion  drams for the expansion of production, as a result of which it  applied for receiving benefits in the amount of 5.34 billion drams.  Today, the company has 56 employees with an average salary of 200  thousand drams. Following the implementation of the international  program, 190 new jobs will be created, with a monthly salary on  average of 250 thousand drams.  The delay in the payment of VAT for  three years is also provided by LLC "Moeff Group". As Khachatryan  pointed out, the company has been operating since 2016 and plans to  produce stainless steel sanitary ware in Armavir region. The company  intends to invest 14.7 billion drams, the amount of imported  equipment is 14.5 billion drams, the amount falling under the  deferral of VAT amounts to 2.9 billion drams. Currently, the company  employs 24 employees with an average salary of 81 thousand drams.  Over the next three years, 100 jobs will be created with an average  salary of 130 thousand drams.  Universal Clocks LLC, which operates  in Kotayk region and is engaged in the production of aluminum caps,  is exempt from customs duties. As part of the investment program, the  company undertakes to make investments in the amount of 2.784 billion  drams, to create 27 new jobs with an average salary of 245 thousand  drams. According to the results of the benefits, the company is  exempted from paying taxes in the amount of 37 million drams, and the  losses of the state treasury are estimated at 451 thousand drams.   Production volumes should be increased to 1.712 billion drams, of  which 747 million are planned to be sold in Armenia, and the rest -  exported to Russia and Georgia.