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Thursday, August 24, 2017

Armenia approves incentives to boost exports

During a Cabinet meeting led by Armenian Prime Minister Hovik Abrahamyan on Thursday, officials discussed measures to support exports through reductions in tax liability on exporting companies.

A bill was approved that gives tax-paying entities that qualify for the export-support initiatives special incentives, specifically companies that deal heavily or solely in exporting goods, with at least $105 million in annual sales.

“This is a nonstandard step through which we are trying to promote exports,” Abrahamyan said. “Should we have such partners as may ensure annual exports worth over ($105 million), we will get additional jobs and extra budget revenue.”

Another bill was approved at the meeting that clarified calculation methods for indirect taxes that would improve accuracy in the assessment of taxable facilities and liabilities.

Both bills will be submitted to the Armenian National Assembly for final approval.

The Cabinet also said that within two years of the date of the Eurasian Economic Union Accession Treaty, white sugar imports would be accepted with a 10 percent import duty payment.

Organizations in this story

Chamber of Commerce and Industry of Turkmenistan

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