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Sale Of Armenian Hand-Made Carpets By Immediate Makers To Be Exempt

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  • Sale Of Armenian Hand-Made Carpets By Immediate Makers To Be Exempt

    SALE OF ARMENIAN HAND-MADE CARPETS BY IMMEDIATE MAKERS TO BE EXEMPT FROM VAT, PROFIT AND INCOME TAXES

    Noyan Tapan
    March 18, 2009

    YEREVAN, MARCH 18, NOYAN TAPAN. The RA National Assembly on March
    18 discussed in second reading the government-submitted legislative
    package envisaging additions to the Law on Profit Tax, the Law on
    Value Added Tax, and the Law on Income Tax. The package will be voted
    on tomorrow.

    By the legislative package, tax payers engaged in hand-made
    carpet making in Armenia are exempt from profit tax (for revenues
    received from the sale of carpets), as well as from VAT and income
    tax. According to the government, relieving the tax burden will
    contribute to further development of traditional Armenian art,
    preservation of cultural heritage, international recognition of
    this branch of Armenian art, also to economic growth, the creation
    of nonagricultural jobs and a growth in the number of self-employed
    persons in rural areas.

    The main speaker, deputy minister of economy Mushegh Tumasian said
    that by the initial version, it was envisaged exempting carpet-makers
    from VAT and profit tax, however, taking NA deputies' proposals into
    account, the government has agreed to extend the tax privileges to
    private entrepreneurs engaged in carpet making, by including the
    respective addition to the Law on Income Tax in the legislative
    package.

    From: Emil Lazarian | Ararat NewsPress
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