Friday, 20 May 2011
VAT Excluded from Imported Agricultural Resources
Today’s cabinet sitting backed a bill on amendments to the law on VAT. Providing his comments at the news conference which followed the cabinet sitting, Minister of Agriculture Sergo Karapetyan noted that the bill was approved in line with the government’s agriculture-supportive policy.
According to the minister, the farming sector cannot develop unless access is facilitated to imported inputs, including the implements and machinery, spare parts, pesticides, fertilizers which shall be exempted from the VAT under the government’s decision.
“This is supposed to boost the production of fruits and vegetables and, as a result, take down market prices in Armenia,” Sergo Karapetyan pointed out.
Replenishing the obsolete stock of farming equipment was said to be of top priority: “You may know that the stock of agricultural machinery has gone out of date and needs replenishing, but higher market prices are preventing our farmers from buying new equipment,” the minister added.
Details available in the audio material
