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Armenia expected to lift customs duties for exports under AMD 1 million

The National Assembly’s Standing Committee on Economic Affairs today discussed and approved the government-proposed draft on amendments to the Law on State Duty, which will see the simplification of the customs clearance process and reduction of related costs.

Minister of Economy Vahan Kerobyan noted that the bill envisages exempting economic entities from paying duties for exports, the total customs value of which does not exceed AMD 1 million.

It was also noted that the proposed change is aimed at improving the competitive environment, in particular, in case of export of low-value goods. Exemption from paying the duties is expected to increase the number of suppliers in these markets.

The adoption and implementation of the bill is expected to have a positive impact on the business and investment environment, given that the regulations will facilitate the customs clearance process, as well as reduce the financial and administrative costs for small and medium enterprises.

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