Parliament debates bill on lifting customs duties for exports below 1 million drams

YEREVAN, MARCH 23, ARMENPRESS. Parliament is debating the government-authored bill which envisages amendments to the Law on State Duty, lifting customs duties for the exports of products with a customs value below 1 million drams.

Minister of Economy Vahan Kerobyan said the measure will positively impact the business and investment climate. The bill seeks to simplify the export process for SMEs.

During earlier debates at a parliamentary committee Kerobyan said many companies face the problem when they sell their products online. “Basically, doing business around the world and retailing from Armenia is problematic. Therefore we proposed this change and the government expressed support that no customs tariffs should be paid in the event of exporting products with the cost of up to 1 million drams,” he added.

The bill includes other similar changes, for example the exemption of state duties for the transit of products priced no more than 200 euros through Armenian borders (excluding exports) under a single transportation document sent by a single forwarder to a single recipient.

The bill is dubbed the Volterman bill within the government because the changes were proposed by Volterman, the manufacturer of the smart wallets, explained Economy Minister Vahan Kerobyan.