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ARMENIAN HAND-MADE CARPETS SOLD BY DIRECT MAKERS TO BE EXEMPT FROM VAT AND PROFIT TAX
Noyan Tapan
http://www.nt.am/news.php?shownews=1012484
F eb 25, 2009
YEREVAN, FEBRUARY 25, NOYAN TAPAN. The National Assembly on February
25 passed in first reading the legislative package of amendments to
the RA Law on Profit Tax and the RA Law on Value Added Tax. By the
bill, the tax payers engaged in hand-made carpet making in Armenia
will be exempt from profit tax on the incomes received from the sale
of carpets, as well as from VAT.
According to the main speaker, minister of economy Nerses Yeritsian,
relieving the tax burden will contribute to further development of
traditional Armenian art, preservation of the cultural heritage,
international recognition of this branch of Armenian culture, also
to economic growth and the creation of non-agricultural jobs and an
increase in the number of self-employed persons in rural areas.
It was mentioned that about 800 persons are currently engaged in
hand-made carpet making in Armenia. The minister said that the
productivity of the sector's companies has declined due to current
processes in the domestic and foreign markets, which may result in
the closure of companies and a rise in the level of unemployment.
Noyan Tapan
http://www.nt.am/news.php?shownews=1012484
F eb 25, 2009
YEREVAN, FEBRUARY 25, NOYAN TAPAN. The National Assembly on February
25 passed in first reading the legislative package of amendments to
the RA Law on Profit Tax and the RA Law on Value Added Tax. By the
bill, the tax payers engaged in hand-made carpet making in Armenia
will be exempt from profit tax on the incomes received from the sale
of carpets, as well as from VAT.
According to the main speaker, minister of economy Nerses Yeritsian,
relieving the tax burden will contribute to further development of
traditional Armenian art, preservation of the cultural heritage,
international recognition of this branch of Armenian culture, also
to economic growth and the creation of non-agricultural jobs and an
increase in the number of self-employed persons in rural areas.
It was mentioned that about 800 persons are currently engaged in
hand-made carpet making in Armenia. The minister said that the
productivity of the sector's companies has declined due to current
processes in the domestic and foreign markets, which may result in
the closure of companies and a rise in the level of unemployment.