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The government of Armenia has approved the decision to make an amendment and an addendum to the Law on State Duties, the Ministry of Economy informed Armenian News-NEWS.am.
This decision proposes to impose a state duty on issuing licenses, permits, or certificates for the export of copper, molybdenum concentrate, and ferromolybdenum to third countries in the event of high international copper and molybdenum prices.
The purpose of this plan is:
- to direct the high profit generated from the exploitation of the country's subsoil to the development of strategic assets in processing industry and mining and the deepening of industrial value chains,
- to promote the more efficient exploitation of mines, and increase the productivity of existing mines by introducing new technologies, and
- to promote a more environmentally responsible mining industry by minimizing harmful emissions.
A super profit is generated in the sphere, which, according to the studies of the ministry, is not taxed effectively. Therefore, there is a need to take drastic steps and apply a short-term tool to regulate this issue, in order to provide long-term solutions in the future.
In case of the proposed rates of the state duty if maintaining the export volumes, the annual budget revenues will make about 72 billion drams (approx. US$144,910,000).
source:newsfeed
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