Thursday, December 12 2019 15:34
Naira Badalian

Company owned by daughter of an Armenian oligarch granted another tax  exemption from the government 

Company owned by daughter of an Armenian oligarch granted another tax  exemption from the government 

ArmInfo. At a meeting on December 12, the Armenian government approved the adjusted investment program of ABC Textile LLC and the corresponding application of the company for a 3-year exemption from VAT.

As Armenian Minister of Economy Tigran Khachatryan stated, the  company has been manufacturing towels in the Ararat region of the  Republic of Armenia since 2017. At the first stage of production, the  company has already invested 8.2 billion drams for the purchase of  raw materials, at this stage the planned investment volume will be  10.5 billion drams.

According to the information provided by the company, as part of the  investment program, the company created 60 new jobs and made  investments worth 1 billion 823 million 702 thousand drams. Over the  next three years of operation, it is planned to create 175 new jobs  with a monthly average salary of 189 thousand drams.

To recall, on May 3, 2018, the Armenian government approved the  company's application for exemption from import customs duties on  imported technological equipment, their components and raw materials.  It was reported that ABC Textile, a textile company, intends to  invest 10.9 billion drams ($ 20 million) in production expansion. As  part of the investment program, it was planned to create 175 new jobs  with an average monthly salary of 192 thousand drams.

This was not the first time that the company received a tax credit  from the government. On April 12, 2018, ABC Textile LLC received a  tax benefit from the Armenian government in the form of a 3-year  deferral of payment of VAT on imported goods. The company, as  announced, as part of the investment program, plans to establish a  textile production in the city of Artashat.

To note, the company was founded on October 10, 2017, and its  founders, according to the Unified State Register of Legal Entities,  are Cottina LLC and Natcom Limited. In turn, the founders of the  first company are RA citizens Firas Mussalli Zhaki and Amin Mussalli  Zhaki, and according to media reports, the owners of Natkom Limited  are the daughter of RPA former lawmaker, oligarch Samvel Aleksanyan  (nicknamed "Lfik Samo" - Ed. note) - Astghik Aleksanyan (40%), and  the sons of the former Minister of Energy and Water Resources of  Lebanon Arthur Nazarian, Lebanese citizens Peter and Harry (30%  each).

POST A COMMENT
Input digits     


News
Armenia is negotiating with Armenia is negotiating with "Gazprom Armenia" on developing  mechanisms for fixed gas pricing for a period of 10 years
$ 31.6 million transactions made at currency interbank of Armenia on  January 8-17, 2020$ 31.6 million transactions made at currency interbank of Armenia on  January 8-17, 2020
Karina Melikyan, Financial Analyst at ArmInfo IC, won the Best  Analytics nomination in the the UBA contestKarina Melikyan, Financial Analyst at ArmInfo IC, won the Best  Analytics nomination in the the UBA contest
VTB Bank (Armenia) intends to firmly establish its leading position by total number of opening new ATMs and branches in 2020VTB Bank (Armenia) intends to firmly establish its leading position by total number of opening new ATMs and branches in 2020
Armenia and UAE discussed further work of Armenian-Emirate  intergovernmental commissionArmenia and UAE discussed further work of Armenian-Emirate  intergovernmental commission
Gazprom Armenia does not exclude the possibility of applying to PSRC  with a request for a change in gas tariffsGazprom Armenia does not exclude the possibility of applying to PSRC with a request for a change in gas tariffs
Deputy PM: Subsidizing community development programs in Armenia  provides for efficient and modern solutionsDeputy PM: Subsidizing community development programs in Armenia  provides for efficient and modern solutions
Armenia joins agreement on facilitating access of the blind to  printed informationArmenia joins agreement on facilitating access of the blind to  printed information
RAEX-Europe confirmed Armenia`s ratings at `BB-` with outlook  RAEX-Europe confirmed Armenia`s ratings at `BB-` with outlook  "Positive"
HSBC Appoints New CEO in ArmeniaHSBC Appoints New CEO in Armenia
Nicola International Armenia LLC to invest 1.6 billion drams in  production expansionNicola International Armenia LLC to invest 1.6 billion drams in  production expansion
Revenues of the communications sector of Armenia for 11 months of  2019 increased by 0.9% per annumRevenues of the communications sector of Armenia for 11 months of  2019 increased by 0.9% per annum
During 11 months in 2019 volume of cargo transportation in Armenia  decreased by 50.7% with an increase in passenger traffic by 4.3%During 11 months in 2019 volume of cargo transportation in Armenia  decreased by 50.7% with an increase in passenger traffic by 4.3%
Armenia increased production of all alcoholic beverages in  January-November 2019 Armenia increased production of all alcoholic beverages in  January-November 2019 
In structure of manufacturing industry of Armenia, textile production  recorded the highest growthIn structure of manufacturing industry of Armenia, textile production  recorded the highest growth
Armenia ranks 69th among 190 countries in the World Bank`s Armenia ranks 69th among 190 countries in the World Bank`s "Women,  Business and the Law" 2020 report
Armenia`s metallurgical industry has stabilized in growth by December  2019Armenia`s metallurgical industry has stabilized in growth by December  2019
Armenia`s mining industry is steadily increasing volumesArmenia`s mining industry is steadily increasing volumes
In December, output of aluminum foil in Armenia exceeded production  volumes for whole of 2018In December, output of aluminum foil in Armenia exceeded production  volumes for whole of 2018
Armenia`s trade volume with the EAEU keeps growing, while declining  with the EU Armenia`s trade volume with the EAEU keeps growing, while declining  with the EU 
Ameriabank in numbers presented the results of the introduction of a  new online lending systemAmeriabank in numbers presented the results of the introduction of a  new online lending system
Statistics: The unemployment rate in Armenia in Q3 of 2019 amounted  to 18%Statistics: The unemployment rate in Armenia in Q3 of 2019 amounted  to 18%
AmRating: A growing low-cost mortgage is AmRating: A growing low-cost mortgage is "spurred on" by a steady  increase in property prices
RA Ministry of Economy forecasts 10% increase in exports for 2019RA Ministry of Economy forecasts 10% increase in exports for 2019
Armenia`s budget continues to be executed with surplus Armenia`s budget continues to be executed with surplus 
Tigran Khachatryan: In 2020, the number of tourists arriving in  Armenia will not yield to 2019 indicators  Tigran Khachatryan: In 2020, the number of tourists arriving in  Armenia will not yield to 2019 indicators  
Tigran Khachatryan: In 2020, the agricultural sector of Armenia will  enter a positive trendTigran Khachatryan: In 2020, the agricultural sector of Armenia will  enter a positive trend
Armenia`s gross external debt increased by 7.7% per annum by October  1, 2019 - up to $ 11.7 billionArmenia`s gross external debt increased by 7.7% per annum by October  1, 2019 - up to $ 11.7 billion
Ministry of Economy promises improvement of investment indicators of   country in 2020Ministry of Economy promises improvement of investment indicators of   country in 2020
By December 2019, public debt of Armenia reached $ 7.2 billion, and  external debt exceeded $ 5.6 billionBy December 2019, public debt of Armenia reached $ 7.2 billion, and  external debt exceeded $ 5.6 billion


Exchange rates
17.01.2020
RUB7.810.02
USD479.61-0.15
EUR533.71-1.41
GBP626.180.00
CAD364.74-0.32
JPY43.53-0.09
CNY69.63-0.10
CHF496.70-1.44


Experts
RAEX-Europe confirmed Armenia`s ratings at `BB-` with outlook  RAEX-Europe confirmed Armenia`s ratings at `BB-` with outlook  "Positive"
AmRating: A growing low-cost mortgage is AmRating: A growing low-cost mortgage is "spurred on" by a steady  increase in property prices
AmRating: Increasing toxicity of consumer loans will push banks to  not put all their eggs in one basketAmRating: Increasing toxicity of consumer loans will push banks to  not put all their eggs in one basket
Analysts Opinion on Central Bank Report Analysts Opinion on Central Bank Report 
ArmInfo has released its 100th anniversary bank bulletinArmInfo has released its 100th anniversary bank bulletin
Mining Industry as a Fanciful Game of Cats-and-MiceMining Industry as a Fanciful Game of Cats-and-Mice
Tigran Khachatryan: Attracting several transnational investors to  Armenia will allow the country to start playing for high stakesTigran Khachatryan: Attracting several transnational investors to  Armenia will allow the country to start playing for high stakes
During the first 5 years, the agricultural insurance market in Armenia will operate at a lossDuring the first 5 years, the agricultural insurance market in Armenia will operate at a loss
Artak Kamalyan: Education is the key to success. Everything else is of secondary importanceArtak Kamalyan: Education is the key to success. Everything else is of secondary importance
Head of PSRC: Whatever the agreement, the domestic tariff is  dependent on the price at the borderHead of PSRC: Whatever the agreement, the domestic tariff is  dependent on the price at the border
IMF: Armenia needs to achieve sustainable inclusive growthIMF: Armenia needs to achieve sustainable inclusive growth
Artur Atoyan: Problems of fish farmers are solved by the communist  method, that is, they are not solved at allArtur Atoyan: Problems of fish farmers are solved by the communist  method, that is, they are not solved at all
HSBC Bank Armenia digitalizes cooperation with retail clients HSBC Bank Armenia digitalizes cooperation with retail clients 
AmRating agency in cooperation with European Rating-Agentur Expert RA  GmbH has issued regular research on Armenia`s banking systemAmRating agency in cooperation with European Rating-Agentur Expert RA  GmbH has issued regular research on Armenia`s banking system
Yulia Ustyugova: Armenia can get access to IMF “insurance line”Yulia Ustyugova: Armenia can get access to IMF “insurance line”
Armand Arton: The question whether citizenship should be granted in  return for investments is rather rhetoricalArmand Arton: The question whether citizenship should be granted in  return for investments is rather rhetorical
Former head of the Ministry of Finance: <Confrontation> with Lydian may cost much to ArmeniaFormer head of the Ministry of Finance: with Lydian may cost much to Armenia
Vardan Aramyan: It will be unreasonable if the government goes to revise the allowable national debt ceiling in GDPVardan Aramyan: It will be unreasonable if the government goes to revise the allowable national debt ceiling in GDP
HSBC Bank Armenia increases efficiency and focuses on digital servicesHSBC Bank Armenia increases efficiency and focuses on digital services
Bulgarian Minister: The level of Armenian-Bulgarian economic  cooperation is still unsatisfactoryBulgarian Minister: The level of Armenian-Bulgarian economic  cooperation is still unsatisfactory

Search by date

Government Bonds

Issue volume

10 billion

Volume of T-bills for placement

200 million

Volume of submitted competitive applications

200 million

Volume of satisfied bids

200 million

Yield at cut-off price

 5.8314%

Maximum yield

 5.8314%

Мinimum yield

 5.8314%

Weighted average yield

 5.8314%

Number of participants

2

The maturity date of T-bills

03.02.2020

ArmEx

 

СПРОС (Покупка)

USD

Средневзв. Цена

482,00

ПРЕДЛОЖЕНИЕ (Продажа)

  USD

Средневзв. Цена

-

СДЕЛКИ

USD

Цена откр.

482,00

Цена закр.

482,00

Мин. Цена

482,00

Макс. Цена

482,00

Ср/взв. Цена

482,00

-0.16

Кол-во сделок

1

Объем (инвал.)

200 000

0бъем (драм)

96 400 000

Commented
John D & Sosi Balian Foundation will allocate $ 1.65 million for  construction and improvement of new building of Erebuni  Archaeological Museum-ReserveJohn D & Sosi Balian Foundation will allocate $ 1.65 million for  construction and improvement of new building of Erebuni  Archaeological Museum-Reserve
Mining Industry as a Fanciful Game of Cats-and-MiceMining Industry as a Fanciful Game of Cats-and-Mice
Russian processing company Russian processing company "MultiCarta" discussed cooperation  opportunities with Yerevan Municipality in the transport sector
$ 270 Million to be invested in the construction of the first  skyscraper in Yerevan$ 270 Million to be invested in the construction of the first  skyscraper in Yerevan
The AGBU Women Entrepreneurs Program Launched in Artsakh: FRUITFUL  ARMENIA Foundation is the partnerThe AGBU Women Entrepreneurs Program Launched in Artsakh: FRUITFUL  ARMENIA Foundation is the partner
Forecast: Armenia has good prospects for expanding its presence in  the Polish marketForecast: Armenia has good prospects for expanding its presence in  the Polish market
Armenian government`s delegation headed by Prime Minister will take  part in the St. Petersburg International Economic Forum on June 6-7Armenian government`s delegation headed by Prime Minister will take  part in the St. Petersburg International Economic Forum on June 6-7
Concessionaire of Zvartnots International Airport promises to become  one of the best operators in the worldConcessionaire of Zvartnots International Airport promises to become  one of the best operators in the world
Arthur Javadyan: Central banks are not responsible for economic  growthArthur Javadyan: Central banks are not responsible for economic  growth
Forecast: Electricity exports to the Middle East through Iran are a  key component of Armenia`s geo- economic strategyForecast: Electricity exports to the Middle East through Iran are a  key component of Armenia`s geo- economic strategy
ArmInfo IC: In Armenia,  CMTPL loss ratio increased up to 64.5% in Q1  2019ArmInfo IC: In Armenia,  CMTPL loss ratio increased up to 64.5% in Q1  2019
From January 1, 2020, the cost of customs clearance of cars from  non-EEU countries in Armenia will increase by at least 4-5 fold:  whether the market for used cars is going upFrom January 1, 2020, the cost of customs clearance of cars from  non-EEU countries in Armenia will increase by at least 4-5 fold:  whether the market for used cars is going up
Overdue loans accelerate growth in banking system of ArmeniaOverdue loans accelerate growth in banking system of Armenia
RA Prime Minister: European Union is not ready to finance 100% of  development programs implementation in ArmeniaRA Prime Minister: European Union is not ready to finance 100% of  development programs implementation in Armenia
Converse Bank offers online loans at a low effective interest rateConverse Bank offers online loans at a low effective interest rate
Starting from Jan 1, 2020, a new micro-business taxation system will  be introduced in ArmeniaStarting from Jan 1, 2020, a new micro-business taxation system will  be introduced in Armenia
Renco company will attract additional shareholders and partners to  the project of building a new thermal-power plant in ArmeniaRenco company will attract additional shareholders and partners to  the project of building a new thermal-power plant in Armenia
T.Avinyan: The Government is open for cooperation and encourages  active dialogue and interaction in all areas T.Avinyan: The Government is open for cooperation and encourages  active dialogue and interaction in all areas 
Agreement on construction of a new unit with combined gas cycle  signed in YerevanAgreement on construction of a new unit with combined gas cycle  signed in Yerevan
Veolia Jur: Regulatory charges are false and unfoundedVeolia Jur: Regulatory charges are false and unfounded
Armenian Prime Minister: We are gaining momentum for economic takeoffArmenian Prime Minister: We are gaining momentum for economic takeoff