Tweet
ARMENIAN GOVERNMENT ADOPTS A DECISION TO COMPENSATE A PART OF EXPENDITURE OF "ARMAVIA" LTD.
arminfo
Thursday, October 4, 17:38
At its today's session, the government of Armenia adopted a decision
to compensate a part of expenditure of "Armavia" Ltd by means of
cross cancellation of debts.
The draft decision was submitted by the head of Civil Aviation General
Department, Artem Movsisyan.
He said that on 14 March 2003 the government of Armenia, "Siberian
airlines" and "Armavia" signed a trilateral investment contract,
according to which "Armavia" got a right to implement flights in
several directions for 10 years. For that, Armavia obliged to pay $15
mln to the state budget of Armenia over 10 years, including $5 mln
were paid in 2003, and the rest $10 mln the company had to pay over 10
years, $1 mln every year. As of 31 December 2011, the debt of Armavia
to the state budget was $1 mln (385,7 mln drams). At the same time,
according to the contract, Armavia had to transport veterans of the
Great Patriotic War free of charge or at easy terms, and the state had
to compensate these expenses. In this context, the government had 355,6
mln drams debt to Armavia. The state offered the company to repay debts
by means of cross cancellation of debts on the income tax, but Armavia
was working with loss. For this reason, the government has adopted a
decision to hold cross cancellation of debts and Armavia is obliged
to pay only the difference - 30,1 mln drams to the state budget.
arminfo
Thursday, October 4, 17:38
At its today's session, the government of Armenia adopted a decision
to compensate a part of expenditure of "Armavia" Ltd by means of
cross cancellation of debts.
The draft decision was submitted by the head of Civil Aviation General
Department, Artem Movsisyan.
He said that on 14 March 2003 the government of Armenia, "Siberian
airlines" and "Armavia" signed a trilateral investment contract,
according to which "Armavia" got a right to implement flights in
several directions for 10 years. For that, Armavia obliged to pay $15
mln to the state budget of Armenia over 10 years, including $5 mln
were paid in 2003, and the rest $10 mln the company had to pay over 10
years, $1 mln every year. As of 31 December 2011, the debt of Armavia
to the state budget was $1 mln (385,7 mln drams). At the same time,
according to the contract, Armavia had to transport veterans of the
Great Patriotic War free of charge or at easy terms, and the state had
to compensate these expenses. In this context, the government had 355,6
mln drams debt to Armavia. The state offered the company to repay debts
by means of cross cancellation of debts on the income tax, but Armavia
was working with loss. For this reason, the government has adopted a
decision to hold cross cancellation of debts and Armavia is obliged
to pay only the difference - 30,1 mln drams to the state budget.