Armenian economy ministry to review terms of customs privileges

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05.05.2021, 19:40

Armenia's Ministry of Economy will revise the terms of providing a set of customs privileges to some categories of enterprises, acting minister Vahan Kerobyan said on Wednesday during a government Q&A session in parliament.

Armenian economy ministry to review terms of customs privileges

YEREVAN, May 5. /ARKA/. Armenia's Ministry of Economy will revise the terms of providing a set of customs privileges to some categories of enterprises, acting minister Vahan Kerobyan said on Wednesday during a government Q&A session in parliament.

Kerobyan announced that customs privileges will be provided only to export-oriented enterprises that import production equipment and raw materials.

"Privileges will be provided to those enterprises which export 80% or more of their products and to those that import equipment in order to modernize their production," he said.

Kerobyan added that the changes are prompted by a large number of complaints from various enterprises about unequal competition.

According to 2020 data, about 150 enterprises did not fulfill their investment obligations in full, the number of created jobs turned out to be less than declared and the promised wages were not paid.

For this reason, Kerobyan believes that the revision of the customs privileges will only bring benefits. “This will create a level playing field and lead to more productive business running in a transparent environment,” he said. -0-

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