YEREVAN. – The Government of Armenia will defer for three years the value-added tax (VAT) to be charged for the importing of equipment for oil products.

The respective decision was reached at Friday’s Cabinet meeting.

Minister of Economy Artsvik Minasyan informed that 746.6 million dram (approx. $1.57 million)-worth equipment, which Armoil company imports, are intended for construction of an oil refinery in Armenia. 

The total investment program amounts to $35 million, and this enterprise is expected to employ 150 people.

Minasyan added, however, that this venture already employs 30 people, at present.

“It was initially assumed that the construction would be finished in three to four years,” noted the minister. “But the company representatives assured that they will accelerate [the relevant] work.”