Export duty for metal semi-finished products should be introduced in Armenia, economy minister says

Export duty for metal semi-finished products should be introduced in Armenia. This was stated by Minister of Economy Vahan Kerobyan during Tuesday’s National Assembly debates on the bill on amendments and addenda to the country’s law on state duty.

According to Kerobyan, the Armenian government introduced a ban on the export of ferrous metal scrap in 2021, which led to the drawing of investments in this sector of Armenia’s. In addition, 750 new jobs were created, and four new plants were established in the country.

"Now the [Armenian] authorities propose to introduce a state duty on the export of metal semi-finished products. With that, we will encourage the production of the final product," said Kerobyan.

If passed, the respective law shall enter into force in Armenia on January 1, 2025. Accordingly, an export duty on gold, platinum, and palladium ingots will be introduced. It will be about 0.8-1 percent of the market value. Recently, according to the economy minister, there has been a significant increase in this sector, so it is necessary to regulate it.

Kerobyan added, however, that Armenia does not produce gold bars. It is only about international trade.