Greenhouse company awarded VAT payment deferment


July 24, 2014

An Armenian company called Greenhouse, specializing in the production of greenhouse vegetables and flowers, intends to build new greenhouses in Armavir region of Armenia on the area of 30 hectares and invest about 8.1 billion drams in buying equipment that will be imported from France and the Netherlands, the government said today to explain its decision to grant the company a VAT payment deferment.
Given that the company’s pledged investments exceed 200 million drams ceiling the VAT payment deferment is three years.
The company expects to produce some 1.72 billion drams worth products per year from 2015 and export a large part to the CIS and the EU. The greenhouses will create up to 65-minute new jobs with an average salary of 125-135 thousand drams.
The deferment was earlier awarded to companies which import more than 300 million drams worth modern equipment or technology to expand their output and modernize production facilities. On April 17 the government lowered the ceiling to 200 million drams. ($ 1 – 406.56 drams).