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August 21
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YEREVAN. – The bill envisages imposing state duty for several scrap metal products, including of Armenian production. The Minister of Economy of Armenia, Tigran Khachatryan, stated this at Friday’s National Assembly special session debates on the bill with respect to making amendments to the law on state duty. 

He noted that the adoption of this bill is conditioned by the need to secure local producers with an appropriate raw material base, and to contribute to the development of the processing industry in Armenia.

In his words, the government has detected a loophole in the working law, and this loophole has allowed avoiding paying customs duties when exporting products from the country.

“The republic’s total metal reserves—which are estimated at 700 thousand to 1 million tons—are calculated for ensuring local sustainable production for at least 10 to 15 years,” Khachatryan stressed. “However, under these conditions, we could face new challenges.”

But the economy minister expressed a conviction that the proposed changes will make it possible for local industrial companies to use scrap metal as raw material on site, and thus ensuring competitive prices for the final product.

Also, Khachatryan noted that all this will allow to resolve the issue of securing a raw material base for local producers, as well as to contribute to the development of local production, and this, in turn, will enable to create new jobs.

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