Armenian president signs law on free economic zones

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Economy

22.06.2011, 03:30

On Tuesday, Armenian President Serzh Sargsyan signed the law on free economic zones and related laws, the president’s press office reports. The law institutes a new legal regime for economic activities.

YEREVAN, June 21. /ARKA/. On Tuesday, Armenian President Serzh Sargsyan signed the law on free economic zones and related laws, the president’s press office reports.
The law institutes a new legal regime for economic activities.

The aim of the new law is to establish favorable economic environment for export-oriented companies.

The law states that if a zone is not used within one year the government’s decision will lose its force.

Special tax and customs regimes and preferences on some taxes will be set for such zones.

The first two free economic zones will be set up this year in the country - one of them will be at Mars plant in Yerevan and the second at Zvartnots international airport.

The concept of a free economic zone at Zvartnots airport territory was approved by the government in 2008 November. The companies that will register there will be granted a set of tax and other privileges. -0---

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