New brokerage firm to be set up in Armenia to replace Norfolk Consulting

YEREVAN, June 15. /ARKA/. A new brokerage firm will be set up in Armenia to process commercial cargo and to replace Norfolk Consulting, David Ananyan, the head of the State Revenue Committee said today, adding that the government will also have a share in it.

Earlier Armenia’s National Security Service (NSS) had arrested three senior executives of Norfolk Consulting customs brokerage firm, accusing it of failing to pay millions of dollars in taxes and customs duties. 

According to NSS, Norfolk Consulting was set up in 2017 June and was given exclusive rights to process commercial cargo from China, the United Arab Emirates and Turkey, having driven  nine other customs brokerage firms handling those imports out of business. 

The NSS said Norfolk Consulting enjoyed a “special privileged status” with the help of senior officials from the State Revenue Committee. The NSS charged that it  may have since earned $7 million in “illegal revenue” by helping importers evade or underpay taxes. 

Ananyan said today that Norfolk Consulting temporarily performs the same functions as before, but under tight surveillance of the government, but will be soon shut down. He said there was no chance for the new firm to take a monopoly in the market.  He also noted that the creation of the new firm is aimed at facilitating the activities of private entrepreneurs and companies. -0-

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16:17 06/15/2018