6 Thousand Jobs to Be Created Due to Abolishment of VAT and Customs Duties

In case the Government abolishes customs duties for the implementation of investment programs, the investments of companies will reach 50 million USD. Up till now 6 organizations have been exempted from customs duties. As a result, 550 jobs have been created, Minister of Economy Artsvik Minasyan announced after the Cabinet meeting.

“As soon as the extension of the deadline of VAT payments enters into force, investment volume will reach 186 billion drams. Overall number of new jobs will reach 5.500”,  Minister saying.

During the Cabinet meeting of March 24 the deadline of VAT payments of ”Sevan Aqua” CJSC was postponed by 3 years. In the framework of the investment program the company intends to invest in fishery industry, which, as expected, will provide the citizens with high quality fish and fish exports from Armenia will add, as well as new jobs will be created. The company intends to invest 1.1 billion drams. It is expected the annual production of the company will be worth 2.22 billion drams (2017) the majority of which will be exported to Russia.

If the investment program is successful, it will create 155 jobs with an average salary of 193-215 thousand drams.