Armenia Announces Duty Cut on Scrap Metal Exports

SEATTLE (Scrap Monster):  The Armenian National Assembly has passed a bill that finalizes reduction of duty on scrap metal exports out of the country. The bill will come into force in September this year.

Accordingly, the duty per metric ton of scrap metal export will now be reduced from 80,000 drams to 60,000 drams.

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The initial version of the bill had proposed higher duty with the aim to stimulate local scrap production by limiting exports. However, the exporters have been using a loophole that allowed them to export scrap by not paying tax by proving that the scrap metal was of Armenian origin. Estimates indicate that nearly 60% of the exports during the past ten months were done by exploiting this loophole.