ArmInfo.The Armenian government is creating a favorable tax environment for the development of the jewelry industry, as stated by Finance Minister Vahe Hovhannisyan at a meeting on March 19. According to him, the Cabinet plans to revise the rules for taxing transactions involving gold and precious stones with VAT and establish special regulations.
It is proposed to establish two separate tax regimes: for manufacturers and for resellers. For manufacturers, it is proposed to levy VAT on the positive difference between the selling price of the item and the documented cost of purchasing the gold and stones used in its manufacture. For resellers, it is proposed to levy VAT on the positive difference between the resale price and the purchase price of the item. So, if a reseller buys a piece of jewelry from the manufacturer for 100 units and sells it for 120, the tax is calculated on 20 units.
In turn, Prime Minister Nikol Pashinyan praised the project as being "very good" for the much-repected respected jewelers and emphasized that it should contribute to their prosperity and the prosperity of the country.
