Armenia’s state budget revenue total AMD 489.6 bln within Jan-July

YEREVAN, August 2. /ARKA/. Budget revenues of Armenia totaled 489.6 billion drams, expenses – 503.9 billion drams within the first six months 2012, Finance Minister Vache Gabrielyan said at the Cabinet meeting Thursday. 

Tax and duty revenues gave 475 billion drams within the reported period, according to him. 

In July the budget received 80.5 billion drams instead of the planned 70.5 billion drams from taxes and duties, he noted.

“This figures prove the fact that state budget rates are satisfactory, and we believe that economic growth and tax collection are fostered gradually,” he said.

Budget revenues are projected to total 911.6 billion drams, expenses- 1044.1 billion drams, and deficit- 132.5 billion drams in the 2012 state budget approved by the National Assembly on December 8.

The highest revenues should come from tax collections- 732 billion drams, and mandatory social insurance- 142 billion drams.

On December 8, 2011, the National Assembly of Armenia also approved tax package targeted at replenishing the state budget with nearly 101 billion-dram additional income. The Armenian government also approved a tax on luxury cars valued at over $90,000, increased by 50% taxes on expensive alcoholic beverages and increased also the income tax by 25% for individuals with a 2-million-dram income as well as raised payments from casinos by 50%.

The amount of revenue is projected to increase by 7% from this year's budget (852.4 billion drams).

The spending is expected to grow by 41.5 billion drams. Expenses are increased by almost 43.1 billion drams . Some 897.8 billion drams of spending is projected as current expenditure; 148.412 billion drams are projected as net non-financial expenditure. ($1 – 408.36 drams). —0--