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