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  • Duty Free Zone May Cause Problems

    DUTY FREE ZONE MAY CAUSE PROBLEMS

    Aysor
    Nov 30 2009
    Armenia

    "For two years we have been discussing the possible ways of development
    with the concessionaire and we will soon see the results," said Deputy
    Minister of Economy Vahe Danielyan in connection with the Duty Free
    zone that had been opened for about a year ago at Armenian Zvartnots
    International Airport.

    Obviously Armenian legislation in sense of tax break is not different
    from those of other countries': at Armenian Duty Free zone, in
    accordance with the Law, there is no taxing on profits, VAT, customs
    fee, but income tax as long as all products to be exported. Only 5
    per cent of the products can be sold in Armenia while in this case
    only VAT and customs fees are levied.

    "The Free Duty zone can cause problems for local, domestic producer.

    The project must have clear citing on steps to be taken to prevent the
    situation when the duty free zones are in competition with domestic
    producer, nor foreign," said Danielyan.
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