Armenia to equalize working conditions of local and foreign gold processing companies

YEREVAN, February 16. /ARKA/. The Armenian government approved today a set of amendments to the Tax Code designed to create favorable tax environment for refining alloys and gold concentrate as well as to concretize the notion of "precious metals".
The amendments propose that operations involving sale of VAT-free precious metals be considered as operations not subject to VAT, but instead allow business entities producing gold alloys to credit VAT amounts paid to suppliers against raw materials used for production.
According to the government, the adoption of the amendments is expected to create a tax environment in which local and foreign gold processing companies will have an equal operating environment.
"Thus, it is expected to contribute to the formation of a longer supply chain of gold production on the territory of Armenia," the government pointed out.
According to the official data on metallic minerals, Armenia has 7 copper-molybdenum deposits, 4 – copper deposits, 14 gold and gold-polymetallic deposits, two iron-ore deposits and one aluminum ore deposit. Gold mines are located in Gegharkunik, Syunik, Lori and Vayots Dzor provinces. --0—