Increase in Import Duties on Metal Rods Planned

The import duty on metal rods in Armenia is set to be increased to alleviate the economic difficulties faced by local manufacturers.

According to a report from Armenpress, a draft bill to amend the 'Law on State Duties,' authored by MPs Sergey Bagratyan and Narek Ghahramanyan, received approval during a session of the National Assembly's Permanent Commission on Economic Issues.

Narek Ghahramanyan noted that the current import duty on metal rods is 29 times the basic salary, which amounts to approximately 29,000 drams. However, due to the recent decline in the Iranian exchange rate, the production cost in Iran has decreased by about 35,000 drams, putting Armenian producers in a disadvantageous competitive position.

“It is proposed to set the import duty at 55 times the basic salary to balance the opportunities for importers and local producers,” Ghahramanyan stated.

Deputy Minister of Economy Edgar Zakaryan presented the government's position, suggesting to set the import duty not at 55,000 drams, but at 45,000 drams. Ghahramanyan indicated that this change is acceptable to him.

The draft will be discussed in the upcoming session for a second reading.