Armenia collects record 1.4 trillion drams in tax revenues in 9 months - State Revenue Committee

YEREVAN, October 11. /ARKA/. Armenian tax authorities collected 1 billion 412 billion drams in the first 9 months of 2022, which is 77 billion drams more than projected by the government’s budget, the head of the State Revenue Committee (SDRC) Rustam Badasyan said in an interview with the Public Television of Armenia.

According to him, in comparison with the same period of 2021, the amount of taxes collected this year is up 275 billion drams or 24.2%.

"This is a historical maximum for the first nine months of the year. The last time something like this we saw back in 2019, when the growth amounted to 21%," Badasyan informed.

He added that in the first 9 months of this year, tax refunds also reached a historical record of 172 billion drams. According to Badasyan, the economic entities use these refunds, which are returned VAT, to expand their businesses.

Speaking about the quality of tax administration, Badasyan pointed out the tax-to-GDP ratio. "We closed last year with a 22.7% ratio. As for the current year, it is premature to make analyses. But according to the Finance Ministry's latest projections, we will have 11% GDP growth and 8% inflation at the end of the year, and the tax/GDP ratio will drop by 0.5% to 23.2%. This means that the rate of tax revenue collection is growing faster than GDP, which, all other things being equal, indicates an improvement in tax discipline and tax administration," Badasyan said. ($1 - Dh404.3). --0--