Kinds of permissible activity on Free Economic Zones working in Armenia to be established by legislative initiative

YEREVAN, FEBRUARY 27, ARMENPRESS. As a result of the package of draft laws, it will become possible to solve the issuesof the privileges established for the Free Economic Zones (FEZ) operators working in the Republic of Armenia within the framework of the localization works of the 5th measure Harmful Tax Practices of the Base Erosion and Profit Shifting (BEPS) Program connected with the ‘harmful’ tax regimes, the Acting Deputy Minister of Economy Narek Teryan said.

At February 27 Armenian National Assemblysitting,the package of draft laws on Amending the RA Tax Code and on Amending the Law on Free Economic Zones authored by theGovernment, was debated in the first reading, he press service of the Armenian National Assembly said.

According to the key rapporteur Narek Teryan, it is designed to set the kinds of permissible activity on theFEZ territory, which were chosen, taking as a basis the priorities of the Armenian Government economic policy, promoting the development ofa number ofspheres: processing industry, agriculture, sector of information technologies, tourism.

It is proposed bythedraftthat besides the kinds of the activity of processing industry and software elaboration activity, the spheres asthe priorities of the economic policy of the Government will be included.In particular, from the service sphere the kinds of the activity aimed at the development of tourism were included, for example, the organization of hotel services, accommodation and catering. Aguidebook will be established for the assessment of the FEZ operators’ business programs.