Armenian government takes anti-crisis measures

PanARMENIAN.Net - The Armenian government passed Thursday a number of decrees aimed at the extension of local production and increase of import to lessen the impact of financial crisis on the country's economy.



Among anti-crisis mechanisms, the government discussed the mechanism of subsidizing farmers to be worked out jointly with the Ministry of Agriculture. Minister of Economy Nerses Yeritsyan mentioned about joint governmental program where $3.4 million budget guarantee was provided to Tamara Fruit Company.



He also noted that alterations will be made in the Armenian legislation to enable changes in companies' tax systems and secure increased job opportunities and social improvements. The companies wishing to make major investments of over AMD 300 million in 2009 -2010, will receive postponement of VAT repayment period for imported equipment and technologies.

"This period is sufficient for realization and recoupment of investments to enable companies to make investments without major initial expenditures," Nerses Yeritsyan said.



For his part, Armenian Prime Minister Tigran Sargsyan commented on property of national culture (carpet manufacturing) and suggested its exemption from VAT and profits tax.