ArmInfo. Small and medium businesses in Armenia will be exempted from paying customs duties when exporting goods up to one million drams. The Armenian government approved the legislative initiative to amend the RA Law "On State Duty"
As Minister of Economy Vahan Kerobyan explained, business entities will be exempted from customs duties on goods exported from Armenia from one carrier to one recipient under one transport document for goods worth up to 1 million drams. Under the current regulation, this exemption applied to the export of goods with a total customs value of up to 200 euros.
According to the Ministry of Economy, although the initiative will cost the annual budget 100 million drams, the economic effect will be much more significant and will lead to an increase in the number of suppliers in the market.
According to the statistical data of the Republic of Armenia, Armenia's foreign trade turnover in January- November 2021 amounted to 3.7 trillion drams ($7.4 billion), with a y-o-y growth of 16.6%. This was accompanied by a more significant growth in exports - by 19.4% to 1.4 trillion drams ($2.7 billion), and a slightly less modest increase in imports - by 15.1% to 2.4 trillion drams ($4.7 billion).
