Armenia’s authorities have remembered their WTO obligations

PanARMENIAN.Net - Chairman of the Armenian NA Standing Committee on Financial, Credit and Budgetary Affairs Gagik Minasyan said that Armenia has overcome the crisis and took up the course of sustainable economic growth.

The Armenian authorities have taken unprecedented steps under the crisis conditions - they have increased the state debt, lessened the tax burden for local producers, what runs counter to its WTO obligations. “The crisis is over and it is time to stop pursuing the policy of protectionism. If we continue our previous policy towards other countries, they can start acting the same way with respect to Armenian agricultural products, specifically, our wine and brandy,” Minasyan told a press conference on October 8 in Yerevan.

The Armenian National Assembly approved amendments to the RA Law on Excise Tax. The amendments envisage a stage-by-stage equalization of the excise tax rates for both local producers and importers by 2014. The amendments will lead to AMD 10 and AMD 15 increase in the prime cost of 1 pack of local and imported cigarettes respectively. Besides, the difference in cost of excise for local and imported alcoholic beverages will be cut from AMD 220 to 120.

Gagik Minasyan noted that the country’s economy should develop due to internal resources.