Thursday, September 12 2019 14:47
Naira Badalian

Armenian government provides tax benefits to 4 companies

Armenian government provides tax benefits to 4 companies

ArmInfo. The government of Armenia on September 12 during the regular meeting provided benefits to 4 companies for exemption from customs duties and delay in VAT  payments.

In particular, the Cabinet of Ministers granted the application of  the individual entrepreneur Irina Kochoyan for exemption from customs  duties when importing technological equipment, components, raw  materials and (or) materials as part of the investment program.  Imported raw materials will be used in the manufacture of clothing.  Production is organized in the city of Hrazdan, Kotayk region of  Armenia. Within the framework of the investment program, it is  planned to purchase new equipment for 80 million drams and another  581 million drams will be used to purchase raw materials. The  privilege on exemption from customs duty will be 49.5 million drams,  more than 600 thousand drams in the form of taxes will not be paid to  the budget. At the moment, 35 jobs have been created at the  enterprise; within the framework of the investment program, it is  planned to create another 15-20 jobs with an average monthly salary  of 70-80 thousand drams. The planned production volumes will amount  to about 600 million drams, of which 450 million drams will be sold  in Armenia, 150 million drams in other EAEU member countries.

ANIPLAST LLC, which is engaged in the production of PVC food wrap,  for food packaging in the city of Ashtarak in the Aragatsotn region  of Armenia, received a similar benefit. It is expected that within  the framework of the investment program, about 1.4 billion drams will  be invested, of which about 300 million drams have already been  invested. The company already has 33 employees. Another 20 new jobs  will be created with an average monthly salary of 150 thousand drams.  The planned volume of products is estimated at 1.6 billion drams,  which will be fully sold in Armenia. The cost of raw materials  applying for a benefit is estimated at about 620 million drams, the  benefit will be about 47 million drams, the budget will be deprived  of about 570 thousand drams in taxes.  The government also approved  the application of CJSC "ARIKO-GOR" for exemption from customs  duties. Imported goods will be used in the production of notebooks  and albums in the city of Abovyan, Kotayk region. As part of the  investment program, the company plans to invest about 460 million  drams for the purchase of raw materials and new equipment. The  company employs 13 people and is expected to create another 6-9 new  jobs with a salary of 100 thousand drams on average. The total volume  of products will be 185 million drams, all products will be sold in  Armenia. Imported raw materials are estimated at 260 million drams,  the privilege will be 13 million drams, in the form of taxes the  state treasury will not receive less than 180 thousand drams.

ARMPOWER CJSC received a benefit in the form of a deferment from VAT  payments for three years for imported goods. The company plans to  build and operate a power plant with a combined cycle with a capacity  of 250 MW. The company is ready to direct 124 billion drams for the  purchase of modern equipment. Within three years, it is expected that  704 new jobs will be created with an average monthly salary of 256.4  thousand drams (under construction) and another 106 with a salary of  545.4 thousand drams (during operation).

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