Increased customs revenues 'boost business climate' in Armenia – official
The customs reforms initiated in 2017 helped essentially improve the business atmosphere in Armenia over the past year, increasing the revenues in the State Budget, a deputy head of the State Revenue Committee said Monday.
Speaking at a news conference, Samvel Avetisyan highlighted especially last month’s increase in the customs’ revenues, which he said hit a record high 20% compared to January 2017. He noted that they secured the considerable outcome under conditions of charging no value-added tax for the import of cars, equipment and row materials.
Avetisyan added that total budgetary revenues increased to 318.3 billion Armenian Drams (AMD) in 2017 against the AMD 60.2 billion (AMD 480 = USD 1) in 2016.
“Thanks to the new legislation [Tax Code], which went into effect on January 1, no [taxes] have been charged from the customs fees of manufacturing machines and equipment worth a total of AMD 13.2 million; that amounts to a value-added tax of about AMD 2.6 billion. The tax burden for companies has been essentially redueced thanks to the tax-free policies on the border, and a range of other initiatives. They [the companies] now have the opportunity to increase their working capital to direct them to their businesses' future development,” he added.
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