Progress Agro Company awarded deferment of VAT payment until 2017 November

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19.11.2014, 18:47

Progress Agro company has been awarded today by the government a prolonged deferment of VAT payment until 2017 November after the company pledged to invest 7.8 billion Armenian drams in building new greenhouses.

Progress Agro Company awarded deferment of VAT payment until 2017 November

YEREVAN, November 19. / ARKA /. Progress Agro company has been awarded today by the government a prolonged deferment of VAT payment until 2017 November after the company pledged to invest 7.8 billion Armenian drams in building new greenhouses.

Economy minister Karen Chshmarityan said 5.88 billion drams of that amount will be used to buy advanced equipment and machines to build 16 hectares of greenhouses in central Kotayk province.

The minister said thanks to advanced equipment and other modern technology the company will be able to produce some 1.6 billion drams worth products in 2015 and export the bulk to the Russian Federation.

Karen Chshmarityan said the investment will create 170 new jobs with an average wage of 135,000 drams in 2015 that will rise to 145,000 in 2017.

The deferment is awarded to companies which import more than 300 million drams worth modern equipment or technology to expand their output and modernize production facilities. ($1 – 415.99 drams).–0--

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