THE PARLIAMENT HAS PASSED AMENDMENT FOR THE VAT LAW

PanARMENIAN.Net - The National Assembly has passed the amendments for VAT law. The interim realization of semi-finished jewelry articles will be exempted from VAT. As "Arka" agency informs, minor manufacturers, that do not have expensive equipment, will be able to order the complicated semi-finished articles without paying VAT. That will enable them to invest more capital into production. "VAT collection brings to blockage of the substantial part of manufacturer capital for 3-6 months and that decreases capital turnover and increases the final production price", has stated minister of trade and industry Karen Chshmarityan. According to his words, the amendments will enable more then a thousand minor manufacturers to make progress. " The exemption of interim realization from VAT will result in the increase or production of jewelry articles and its export and also in the development of internal cooperation in the jewelry industry sphere", has stated the minister.

It should be reminded that according to National service statistics of Armenia, January-May, 2001 the export volume of processed and not processed diamonds, waste and precious metal rejects and also the export volume of jewelry articles were nearly $48 million or 35% of the whole export volume of goods from Armenia.