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GLASS WORLD COMPANY AWARDED THREE-YEAR VAT PAYMENT DEFERMENT
YEREVAN, December 25. / ARKA /. The Glass World company has been
awarded today by the government of Armenia a three-year VAT payment
deferment after pledging to invest 217 million Armenian drams
in building a new glass melting furnace, economy minister Karen
Chshmarityan said at a Cabinet session.
The minister said the company has already imported the equipment
and plans to launch the furnace in early March. The minister said
also the launch of the new furnace will reduce production costs,
increase the output and sales and create also 10 new jobs.
Glass World Company is implementing now a 1.75 billion drams (about
$4.3 million) investment project that is expected to create a total
of 100 new jobs with an average wage of 200,000 drams. About half of
the output will be exported to the United States, Belarus and Georgia.
The company was founded in 2004 on the basis of a crystal glass
factory in the town of Arzni in Kotayk province. Over the past two
years, it has seen a major renovation and is equipped with modern
equipment and production lines.
The deferment was earlier awarded to companies which import more than
300 million drams worth modern equipment or technology to expand their
output and modernize production facilities. On April 17 the government
lowered the ceiling to 200 million drams. ($1 461.10 drams).--0--
http://arka.am/en/news/business/glass_world_company_awarded_three_year_vat_payment _deferment_/#sthash.gnhX3bh8.dpuf
YEREVAN, December 25. / ARKA /. The Glass World company has been
awarded today by the government of Armenia a three-year VAT payment
deferment after pledging to invest 217 million Armenian drams
in building a new glass melting furnace, economy minister Karen
Chshmarityan said at a Cabinet session.
The minister said the company has already imported the equipment
and plans to launch the furnace in early March. The minister said
also the launch of the new furnace will reduce production costs,
increase the output and sales and create also 10 new jobs.
Glass World Company is implementing now a 1.75 billion drams (about
$4.3 million) investment project that is expected to create a total
of 100 new jobs with an average wage of 200,000 drams. About half of
the output will be exported to the United States, Belarus and Georgia.
The company was founded in 2004 on the basis of a crystal glass
factory in the town of Arzni in Kotayk province. Over the past two
years, it has seen a major renovation and is equipped with modern
equipment and production lines.
The deferment was earlier awarded to companies which import more than
300 million drams worth modern equipment or technology to expand their
output and modernize production facilities. On April 17 the government
lowered the ceiling to 200 million drams. ($1 461.10 drams).--0--
http://arka.am/en/news/business/glass_world_company_awarded_three_year_vat_payment _deferment_/#sthash.gnhX3bh8.dpuf