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).