Customs Duty on Gasoline Will Increase by 2% This Year and 5% Next Year

For several years now, Armenia's customs policy has been determined by the Eurasian Economic Commission, reports Armlur.am.

Accordingly, due to the increase in the import customs duty rates of the Eurasian Economic Union (EEU), prices for not only essential goods but also widely consumed products are expected to rise in Armenia soon. It is known that starting this year, the transitional provisions of the EEU are no longer in effect.

For instance, the customs clearance for vehicles will be carried out according to the EEU rates starting in 2020, resulting in a significant increase in customs clearance fees for vehicles imported from third countries. The duty will gradually increase until 2022.

Additionally, there are products for which the customs duty will be applied gradually, increasing each year. As a result, the Armenian economy will be able to breathe a little easier, and the immediate negative impact on consumers will not be as pronounced.

For example, starting this January, the customs duty on gasoline has increased by 2%. This means that gasoline imported from third countries will be cleared at a higher price. However, in 2020, the customs duty for this will increase even further, by 5%, which could pose a serious obstacle for businesses importing gasoline from third countries.

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