Authorities seek to introduce export duty for gold, platinum and palladium bullions

 11:10, 6 February 2024

YEREVAN, FEBRUARY 6, ARMENPRESS. Minister of Economy Vahan Kerobyan on Tuesday introduced to lawmakers a bill seeking to set a state duty for the exports of gold, platinum and palladium bullions.

“With this bill we are setting an exports duty on gold, platinum and palladium bullions, taking into consideration that companies engaged in this business should have some participation in the Armenian budget,” Kerobyan told lawmakers at the plenary session.

The duty will be set in the range of 0,8-1% of market price of the bullions. The law on state duty envisages a fixed amount, for example for 1kg gold the duty is about 200,000 drams, which is approximately 1%.  “This trade grew significantly in the recent period. And there’s a need to swiftly regulate it,” the minister added.

In response to a question from Hayastan faction MP Artur Khachatryan, Kerobyan said that Armenia doesn’t produce gold bullions, and instead the gold mines are exporting unrefined gold. He added, however, that ‘probably we will have some news in this direction.”

Some 10 companies are engaged in the gold, palladium and platinum foreign trade in Armenia. “If there’s an opportunity to create an environment to enable the companies working in Armenia to engage in international commerce, then we are not closing that opportunity, but at the same time with this bill we are duly taxing it,” the minister said.