Armenia Welcomes Innovative Manufacture

April 11, 2011 Taxation in Armenia

Inside button factory in WenzhouThe government of Armenia is ready to provide an array of tax benefits to innovative manufacturing projects, in an effort to boost national job creation and spur economic growth.

Speaking at a meeting of members of national business associations on April 8th in Yereven, President Serzh Sarkisian declared that the government is setting out to vastly improve the business environment of the country. In an initial step, allowances will be made in the tax treatment of manufacturers producing goods which are not already made in the country.

Currently, the corporate tax rate in Armenia is 20 percent, however under the president’s newly announced plan, applicable companies will be exempt from payment of the tax for up to four years. There will also be allowances for postponement of payment on valued added taxes. It was indicated that further taxation benefits might be granted to companies on a case-by-case evaluation basis.

Photo by Bert van Dijk