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Gem and jewelry sector to be exempt from 1% mandatory profit tax

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  • Gem and jewelry sector to be exempt from 1% mandatory profit tax

    Gem and jewelry sector to be exempt from 1% mandatory profit tax on
    revenues from raw material import and export deals

    YEREVAN, MAY 30, NOYAN TAPAN. At the May 21 sitting, the Armenian
    government approved the bill on amendments to the Law on Profit Tax and
    the Law on Value Added Tax. By these amendments, henceforth no 1%
    profit tax will be levied on revenues from jewelry raw material import
    and export deals. By the amendment to the Law on Value Added Tax,
    purchase of raw material will be completely exempt from VAT, and only
    sale of finished products in Armenia will be taxed.

    In the words of Prime Minister Tigran Sargsyan, these amendments allow
    to create a favorable tax field in the gem and jewelry sector. The
    prime minister said that in the opinion of representatives of the
    International Association of Jewelers, it will contribute to both the
    sector's development and investment attraction. He added that these
    amendments can also be viewed as anti-crisis measures.

    During a briefing after the sitting, the Minister of Economy Nerses
    Yeritsian stated that there is a serious opportunity and prospect of
    development in the gem and jewelry sector. According to him, thanks to
    the amendments, the jewelry sector receives status of a free economic
    zone - from the import of raw materials up to their export. He assured
    those present that as a result of the amendments made to the laws, the
    companies of the sector will come out of the shadow sphere and have the
    opportunity to increase their turnover.

    N. Yeritsian said that by the agreements reached with Diasporan
    Armenian businessmen, work on ensuring competivity will be done in
    Armenia's gem and jewelry sector.
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