ArmInfo. The application of state duty on gold export was intended, on the one hand, to address process control issues, and also to increase the revenue for the country's state budget. This was stated by Gevork Papoyan, RA Minister of Economy, on October 23 during the government session in the National Assembly of Armenia, in response to a question from Tadevos Avetisyan, a deputy from the opposition faction "Armenia".
The MP, in particular, pointed out that there has been a significant surge in the re-export of gold products since 2022, reaching its peak in January-April of this year, with a 9- fold increase compared to the same period in the previous year. Additionally, trade turnover between Armenia and Russia has increased by 3.2 times during this period. In other words, Russian companies have been exporting their gold through Armenia, receiving excess profits. At the same time, Armenia's trade turnover with the UAE has 6increased by 7.2 times. In the middle of the year, a state duty was imposed on the export of gold products in Armenia, leading to the exclusion of re-export and significant shocks for the country's economy.
The MP inquired about the actions taken by the RA government doing during these 2.5 years, when companies from some countries made excess profits, while the country's budget lost billions of drams. In response, Papoyan emphasized that the main goal of the government is to establish the entire production chain in the country for jewelry production. The measures taken, according to the minister, have produced positive results, including a significant increase in finished and semi-finished products. Papoyan also noted that the gold re-export process has not been halted, it is still ongoing. He refuted the MP's claims that the process began in 2022, stating that it actually started in November 2023.
