Time in Yerevan: 11:07,   21 April 2024

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

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 issues of 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 Assembly sitting , the package of draft laws on Amending the RA Tax Code and on Amending the Law on Free Economic Zones authored by the Government, 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 the FEZ territory, which were chosen, taking as a basis the priorities of the Armenian Government economic policy, promoting the development of a number of spheres: processing industry, agriculture, sector of information technologies, tourism.

It is proposed by the draft that besides the kinds of the activity of processing industry and software elaboration activity, the spheres as the 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. A guidebook will be established for the assessment of the FEZ operators’ business programs.








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