YEREVAN, FEBRUARY 25, NOYAN TAPAN. The National Assembly on February 25 passed in first reading the legislative package of amendments to the RA Law on Profit Tax and the RA Law on Value Added Tax. By the bill, the tax payers engaged in hand-made carpet making in Armenia will be exempt from profit tax on the incomes received from the sale of carpets, as well as from VAT. According to the main speaker, minister of economy Nerses Yeritsian, relieving the tax burden will contribute to further development of traditional Armenian art, preservation of the cultural heritage, international recognition of this branch of Armenian culture, also to economic growth and the creation of non-agricultural jobs and an increase in the number of self-employed persons in rural areas. It was mentioned that about 800 persons are currently engaged in hand-made carpet making in Armenia. The minister said that the productivity of the sector's companies has declined due to current processes in the domestic and foreign markets, which may result in the closure of companies and a rise in the level of unemployment.

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