Company Granted Privilege of Exempting Company Operating Vorotan Hydrocascade from Paying Customs Duty

Company Granted Privilege of Exempting Company Operating Vorotan Hydrocascade from Paying Customs Duty

EcoLur

"CONTOUR GLOBAL HYDROCASCADE" CJSC is re-equipping Vorotan Hydro Cascade. At the sitting of the Government of the Republic of Armenia on October 10, "CONTOUR GLOBAL HYDRO CASCADE" CJSC operating hydrocascade was granted a tax exemption for the import of goods worth 6,392,618,400 AMD. Customs duty exemption for goods is 512,980,742 AMD.

According to the official information, after the completion of the investment project, "CONTOURGLOBAL HYDRO CASCADE" CJSC is expected to generate about 15,300,000,000 AMD of electricity and fully realize it in Armenia. During 2018, the company produced electricity of 13,700,000,000 AMD.

As Deputy Minister of Economy Avag Avanesyan stated when presenting the draft decision at the RA Government session, within the framework of the investment program the company plans to invest 27.5 billion drams, out of which 10.9 billion drams has already been invested. The rest will be used for equipment acquisition and installation. The company currently has 151 jobs with an average salary of 413,000 AMD. Within the framework of the investment program, 10 new workplaces have already been created with an average salary of 750 thousand AMD.

 

17:14 October 10, 2019


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