Armenian parliament reduces duty on export of metal scrap

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YEREVAN, July 10, /ARKA/. Armenian National Assembly has passed today in the second and final reading a bill designed to amend the law On State Duty, which calls for imposing restrictions on the export of scrap metal.

The initial version of the draft law called for setting a duty in the amount of 80 thousand drams for export of 1 metric ton of scrap metal. The argument in favor of this amount was that it would stimulate local production.

Moreover, Armenian Minister of Economy Tigran Khachatryan stated that at the end of last year that exporters found a legislative loophole that allowed them not to pay the duty if they could prove that that the scrap metal was of Armenian origin. During the last ten months, about 10 thousand tons of metal scrap were exported from Armenia, of which about 6 thousand tons were exported by using this loophole.

In the period between the first and second reading, the government made concessions to exporters, in particular, Deputy Minister of Economy Avag Avanesyan said the size of the duty was reduced to 60 thousand drams. The amended law will enter into force on September 1, 2019. ($ 1 – dram 476.9).

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