ARMENIAN GOVERNMENT POSTPONES VAT PAYMENTS FOR NATFOOD COMPANY BUILDING ADVANCED MEAT-PROCESSING FACTORY IN REGION
ARKA
Aug 7, 2009
YEREVAN, August 7. /ARKA/. Armenian Government postponed VAT payments
for Natfood company building a meat-processing factory in the country
with no analogues in the region for three years.
Earlier, Armenian Parliament decided to provide a three-year
postponement of VAT payments to companies with their investment
projects or equipment imports exceeding 300 million drams, Armenian
Minister of Economy Nerses Yeritsyan said.
It is the first case of the postponement in Armenia, Yeritsyan said.
The company is now building a meat-processing factory in Jrvej,
not far from Yerevan; the construction is to be completed in 2010,
the Minister said.
In 2011-2012 the factory is expected to produce 20 tons of products
every day. Yeritsyan stressed that the investment program envisages
availability of 180 jobs in 2010-2012 instead of the current 44 jobs
with workers’ salary to be brought from the current 69,000 drams
to 96,000 drams. Later the salaries of the factory staff is to be
increased by 5% every year.
The Minister also reported that the postponement was granted after
thorough study of the investments programs in a commission consisting
of representatives from Ministry of Finance, Ministry of Economy and
State Revenues Committee of Armenia: Natfood’s investment program
got 33 points out of 50 maximal possib le points.
The cost of the construction is about $18 million; cost of the imported
equipment is 3.5 billion drams.
If the experience with Natfood’s factory is successful, similar
projects will be applied also in other economic fields, Armenian
Premier Tigran Sargsyan said. ($1=369.33drams).