Yerevan /Mediamax/. Armenian government approved a package of crisis prevention draft laws at today’s session.

Mediamax reports that the government, in particular, approved a draft law, according to which in 2009 and 2010, companies, which make investments and import equipment to Armenia, which exceed 300mln AMD, will be allowed to pay VAT in 3 years after import realization.

As the Minister of Economy Nerses Yeritsyan stated, “thus, we will manage to attract serious investments and gain advantages over other countries”.

Armenian Prime Minister Tigran Sargsian stated that “the price of the given decision for Armenia’s state budget makes 5bln AMD, but the government is taking up such a step consciously, preferring new investment programs and creation of new workplaces”.

Tigran Sargsian stated that the government receives offers on setting up new enterprises, and meetings with the private sector show that the approval of the given decision may become a serious impetus.

“Besides, big importers, which represent famous foreign brands in Armenia, have expressed readiness to open their own productions in Armenia in case the given decision is approved”, the Prime Minister stated, adding that if it justifies itself, any volume of imported equipment will be fully exempted from VAT payment on the border.

According to another decision of the government, the customs duties for import of goods, meant for the final use, will be increased from 10% to 15%.

According to Nerses Yeritsyan, the given decision does not contradict the commitments, taken by Armenia to the World Trade Organization (WTO) and aims at stimulating domestic production. The Minister stated that at present the given measure is a necessity and expressed hope that it will be temporary.

Tigran Sargsian, in his turn, noted that the given measure will protect local producers and will help diversify Armenian economy.

The Prime Minister charged the Minister of Economy with preparing as soon as possible all the necessary changes in the customs legislation and presenting them to the discussion of the parliament.-