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Armenia: Governments
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Armenia currently has incentives for exporters (no export duty, VAT refund on goods and services exported) and foreign investors (income tax holidays, and the ability to indefinitely carry forward losses). The government amended the VAT law in November 2005 allowing companies to delay VAT payments for one to two years on certain imported goods used in production and manufacturing. Also, in accordance with the Law on Foreign Investment, several ad hoc incentives may be negotiated on a case-by-case basis for investments targeted at certain sectors of the economy and/or of strategic importance to the economy.
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Armenia became home for some 500,000 refugees, between the years 1988-1994. Since then, the Armenian government has done everything to ease the burden of the refugees. Refugees in Armenia have been granted all the rights and privileges of the Armenian citizens. In Azerbaijan, on the other hand, the Azeri government continues to use refugees as pawns, leaving them in refugee camps.
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Armenia joined ADB in September 2005. In line with the Government's current priorities, promoting rural development, encouraging the private sector, and enhancing regional cooperation have been identified as potentially suitable broad-based goals for ADB operations in Armenia.
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Armenia was founded in October 14, 1889 by Jesús Maria Ocampo... known as "Tigrero" (translates to "tiger killer") due to his love of hunting jaguars, known locally as tigers. Ocampo came from Anaime, Tolima, looking for shelter in the mountains of Quindío since he was running away from General Gallo. He paid one hundred pesos in gold coins to Antonio Herrera for the land in which to build a fonda, or trade center, not only for himself but also for other colonists who came from Salento, Antioquia, Manizales and areas surrounding the Quindío River and La Vieja River. Ocampo then proceeded to sell land for settlement. To encourage settlement, Ocampo returned to Anaime to ask for the help of his friend Juan de La Cruz Cardona, and to marry thirteen year-old Arsenia Cardona. Six months after its founding, in August 1890, Armenia had reached a population of 100 people, allowing it to gain legal recognition by the government.
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Despite some obstacles to investment, particularly problems with corruption, Armenia's investment and trade policy is among the most open in the CIS. The Armenian economy depends heavily on remittances, foreign trade and investment, and the Armenian Government has made significant efforts to attract additional investment. Foreign companies are entitled by law to the same treatment as Armenian companies (national treatment) and in some cases may benefit from temporary preferential tax treatment including a two-year profit tax exemption. The Armenian Government plans to phase out this exemption in 2007 with the aim of creating a completely level playing field for local and foreign businesses.
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Amidst varied reports of voting irregularities, parliamentary elections widely seen as a test of democracy for Armenia ended calmly on May 12. The government has hailed the vote as confirmation of its earlier predictions that a fair and free vote would be held. Meanwhile, opposition parties are still considering their next move.
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