Government Grants Tax Exemption to Mask Production Company

Today, during a regular session, the Government granted a tax exemption to the company "BAAM VENTURE CAPITAL" LLC, which is engaged in mask production. As part of the investment project carried out by the company, the deadline for paying value added tax calculated by customs and tax authorities for imported goods has been postponed for a period of 3 years from the date of import declaration, applicable from September 5, 2020, to December 31, 2021.

Thus, the company, which produces high-quality medical masks, plans to manufacture 2-3 million masks within one month. The products will be sold both within the territory of the Republic of Armenia and outside its borders. A capital investment of 132 million AMD has already been made.

As part of the project, an investment of 242 million AMD is planned for the procurement of raw materials listed in the project documentation. The anticipated annual production volume will be 7.2 billion AMD, with 2.4 billion AMD of the products to be sold in the territory of the Republic of Armenia, 2.4 billion AMD in other EAEU member countries, and 2.4 billion AMD in third countries.

As a result of implementing the investment program, the company will create 35 new jobs over a three-year period, with an average salary of 120,000 AMD.