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Ardshinbank once again recognized as Private Bank of the Year and Retail Bank of the Year by Global Banking and Finance Awards magazine

... the soundness of our strategic development direction." It is worth noting that the Global Banking and Finance Awards was established in 2011 by the Global Banking & Finance Review magazine, based in the United Kingdom, to recognize significant changes in the global financial community. The awards are presented annually and cover the global financial sector, including banking, corporate finance, Islamic finance, domestic investments, taxes and accounting, asset management, mergers, and acquisitions. The Bank is regulated by the Central Bank of the Republic of Armenia.

12/26/2024


Zangezur Copper and Molybdenum Combine may offer Armenian government's stake in IPO - Pashinyan

... Minister also said that last week the plant transferred 33.25 billion drams to the state budget as dividends. “In fact, this has not happened in the Republic of Armenia for 20 years or more,” Pashinyan said, adding that this amount does not include taxes paid, and added that 73.8 billion drams in taxes have already been paid this year. Thus, according to him, in 11 months of this year, the ZCMC has contributed 107 billion drams to the state budget. The Minister of Territorial Administration and ...

12/20/2024


Armenia faces financial trilemma – State Revenue Committee Head

... we have found ourselves in a situation where spending must be raised to a whole new level. There are security concerns, expenses for our compatriots from Artsakh, and at the same time, we want to develop the economy. The third part of the trilemma is taxes. Is the current tax level really sufficient for us to address these issues?" he asked. According to him, countries that manage to find a balance between these three factors will succeed. The 2025 budget made an attempt to find the optimal balance....

12/17/2024


Pashinyan: Changes to turnover tax not aimed against small businesses

... come into effect on January 1, 2025, are not intended to put pressure on small businesses. "There are opinions that these changes have been designed to put pressure on small businesses, but this is not the case. The current legislation stipulates that,... ... them through small retail points. This allows them to hide the actual volume of imported goods and avoid paying significant taxes. “This will help reduce the shadow economy in large businesses, while the tax for small businesses will be lowered,” ...

12/16/2024


Ruling party ready to make concessions on tax changes in Armenia

... proposals that were voiced during the discussions. Tunyan noted that there is political will to revisit this issue and reach a mutually acceptable decision. Earlier, deputy finance minister Arman Poghosyan argued that as a result of the government-proposed changes about 13 billion drams of taxes would be additionally collected. Representatives of small and medium-sized enterprises a argue that their tax burden would eventually increase further and could reach 33 per cent instead of the current 5 per cent. Fifteen public organizations sent ...

11/27/2024


Grocery store in Artik faces accusations of $670 thousand shadow turnover

... grocery store in the city of Artik, Shirak region. It was discovered that the store sold food products for cash and, in some cases, failed to provide customers with cash register receipts, instead issuing only internal accounting documents to avoid paying taxes. During the investigation, it was found that the shadow turnover at this store reached 260.24 million drams. In response to warnings and requests from tax authorities, the taxpayer submitted documents with recalculations of VAT, excise tax for October ...

11/26/2024


Justice or sixfold increase of burden: tax changes discussed in the National Assembly of Armenia

... Minister Arman Poghosyan, these enterprises have long been exempt from value added tax (VAT) and profit tax, set at 20 and 18 per cent respectively, and pay instead a ‘simplified tax’ of 5 per cent of their annual turnover. He said the proposed changes were prompted by the need to create a level playing field for all types of businesses. 'A teacher or a doctor pays 20 per cent income tax, while individual entrepreneurs or micro-enterprises either do not pay this type of tax at all or pay 5 per ...

11/20/2024


Chairman of Armenia’s state revenue committee Rustam Badasyan resigns

... resignation. "I am confident that the work done both to provide more accessible services and to strengthen tax discipline has yielded and will continue to yield results when every citizen of the Republic of Armenia realizes the importance of paying taxes in the development of our state," Badasyan said in a statement on the Committee on State Revenues' Facebook page. Rustam Badasyan was appointed Chairman of the State Revenue Committee of Armenia on August 4, 2021. Earlier on Monday, Gnel Sanosyan,...

11/18/2024


UBA head sees no reason to raise tax burden on Armenia's banking sector

... before on the sidelines of the banking forum "Regional Challenges and Opportunities in Cooperation with European Banks." At the same time, Azatyan emphasized that an increase in the profitability of the banking system leads to higher profit taxes. According to the UBA, the banking system's net profit for the first nine months of 2024 stood at $682 million, compared to $171 million in 2021, $581 million in 2022, and $586 million in 2023. Forecasts predict that the banking sector's profit ...

11/08/2024


Electronics store in Yerevan caught in shadow turnover of 1.3 billion drams

... electronics store in the capital. According to the press service, operational information indicated that the store on Sebastia Street was selling household appliances and electrical equipment for cash without providing a cash register receipt, thereby evading taxes. The audits confirmed this information. The company's director had internal accounting documentation and other data confiscated from his work computers. The examination of the documents verified the concealment of sales turnover amounting to approximately ...

11/05/2024


Ratio of taxes to GDP to reach 25% by 2025 – Armenian State Revenue Committee

The Armenian government plans to implement a medium-term plan to achieve a 25% ratio of taxes to GDP by 2025,  Rustam Badasyan, head of the State Revenue Committee (SRC), told the parliament today. YEREVAN, November 4. /ARKA/. The Armenian government plans to implement a medium-term plan to achieve a 25% ratio of taxes ...

11/04/2024


Armenia's state budget - 2025: Former Finance Minister assesses risks of main financial document

... a certain expenditure scenario, for the fulfilment of which it needs resources, the sources for which are two - the revenue (taxes) and the deficit (of the budget),’ Aramyan said. Budget revenues and their risks Speaking about the risks to the revenue,... ... significant risks, because if unrealistic goals are set for state agencies, especially for the tax authority, the latter's behaviour changes - the tax authority will ‘pull’ revenues from the economy at any cost,’ Aramyan said. He warned that this is fraught ...

11/04/2024


Armenia’s State Revenue Committee uncovers hidden sales turnover of 300 million drams

... This information was confirmed following inspections. Factual data revealed that in 2024, the entrepreneur concealed a sales turnover of approximately 300 million drams ($775,100). Corresponding tax calculations showed that the individual did not pay taxes amounting to 50 million drams ($129,200). The businessman subsequently submitted revised calculations for VAT and excise tax to the tax authority, fully repaying additional tax liabilities amounting to 50,301,618 drams. (Exchange rate: $1 = 387....

10/30/2024


Armenia's 1000 largest taxpayers paid more than AMD 1.3 trillion to the state budget in 9 months

Armenia's 1,000 largest corporate taxpayers paid more than 1.3 trillion drams worth of taxes and customs duties  in January-September 2024, the State Revenue Committee reported. YEREVAN, 28 October. /ARKA/. Armenia's 1,000 largest corporate taxpayers paid more than 1.3 trillion drams worth of taxes and customs duties in January-September ...

10/28/2024


State Revenue Committee thwarts smuggling attempt of over 68,000 cigarette boxes from Iran

... inspecting a truck that arrived from Iran, driven by an Armenian citizen, officials discovered 68,500 boxes of cigarettes lacking excise markings hidden beneath bags of cement. Preliminary calculations indicate that approximately 22.5 million drams in excise taxes were evaded and not paid into the state budget. The cigarette boxes and the truck have been seized and are currently stored at the Agarak customs point. The truck driver has been arrested. A suspect or accused person is presumed innocent until proven ...

10/25/2024


Budget deficit of AMD 26.5 billion (yoy) recorded in Armenia in August

... GDP, according to the World Bank's ‘’Armenia Monthly Economic Update – October 2024’’. In nominal terms, tax revenues (including mortgage-related income tax refund) grew by 11.1 percent (yoy) in August. Environmental, turnover, and excise taxes recorded the highest growth rate at 40 percent (yoy), 31 percent (yoy), and 18 percent (yoy), respectively. Total expenditure grew by 10.5 percent (yoy) in August, primarily driven by spending on social protection, which grew by 29 percent (yoy) ...

10/23/2024


Over $1bn invested in Armenia's economy with Ameriabank's assistance - Ameriabank CEO

... size for the tenth consecutive year, which totalled AMD 1 trillion 130 billion by the end of the third quarter of 2024. According to him, during the last 5 years Ameriabank has been one of the largest taxpayers in Armenia, having paid AMD 58 billion in taxes. About Ameriabank Ameriabank is a leading financial and technological institution in Armenia playing an important role in the country's economy. Its assets exceed AMD 1 trillion. Following the path of digitalisation, the bank has introduced a number ...

10/16/2024


Online taxi turnover in Armenia reaches billions of drams - SRC head

... We will implement more programmes aimed at increasing discipline voluntarily. We will also explain the importance of paying taxes, gradually encouraging voluntary registration,‘ Badasyan said.. From 1 September, according to the new rules, only those ... ... connected to the SRC system and provide electronic cash receipts can carry out passenger transportation by taxi. According to the changes in the legislation, in case of cash payment, the state duty from 1 September 2024 is 2% of the total cost of each trip,...

10/10/2024


Armenia's budget revenues to double in 2024 compared to 2017 - Badasyan

... due to economic growth and reduction of shadow economy,’ he said at a press briefing. Badasyan disagreed with allegations that the country has high tax rates and that because of this many big businessmen try to take advantage of loopholes to evade taxes. All opportunities and conditions for doing business have been created in the country. It is possible to pay taxes faithfully and get profit,’ tBadasyan said. Armenia's economic growth is set at 7 per cent in the 2024 state budget. Armenia's Central ...

10/10/2024


Forcibly displaced persons from Artsakh will be able to register their cars in Armenia in a simplified manner

... will not be required to provide a certificate of absence of property tax debts. It is noted that residents of Artsakh have transported thousands of vehicles to Armenia, most of which have not yet been registered - including because the documents on taxes and payments may not have been preserved. About ethnic cleansing of Azerbaijan in Artsakh On September 19-20, 2023, Azerbaijan launched a large-scale aggression against Artsakh using artillery, UAVs and combat aircraft. On September 28, following ...

10/10/2024


We should focus on complete transformation of public services: Pashinyan on the digital transformation of Armenia

... collection, storage and processing of data. The data will be stored in national segments and will be available in a cross-border format only upon request. For businesses, this process can improve the methods of cross-border trade and payment of indirect taxes. Payment of indirect taxes, legality of the circulation of goods, sanitary, phytosanitary and veterinary control, ensuring compliance with quality and safety can be carried out seamlessly on the basis of legally significant data available in the ...

10/01/2024


State Revenue Committee of Armenia reveals a shadow turnover of 17 billion drams

... services.  When analyzing computers, server systems and other storage media of initial accounting conducted in the offices of business entities, shadow turnover was revealed in the amount of approximately 17.2 billion drams, and the amount of hidden taxes was 4.4 billion drams, of which about 800 million drams have already been restored to the state budget by business entities.  If there were appropriate grounds, the information was sent to the Investigative Committee, criminal proceedings were ...

09/27/2024


Armenian authorities allocate more than $2.5 million to pay for utilities of residents of border villages in 2025

At a meeting on Thursday, the Armenian government allocated 988.9 million drams to support residents of border villages in Armenia, which provides for partial compensation of their utility costs and property taxes in 2025. YEREVAN, September 26 /ARKA/. At a meeting on Thursday, the Armenian government allocated 988.9 million drams to support residents of border villages in Armenia, which provides for partial compensation of their utility costs and property ...

09/26/2024


Four companies evade taxes worth about 141 million drams

Four Armenian companies imported goods from Georgia, presenting them as imports from the Eurasian Economic Union (EAEU), as a result of which they evaded paying huge taxes, the Investigative Committee reports. YEREVAN, 23 September. /ARKA/. Four Armenian companies imported goods from Georgia, presenting them as imports from the Eurasian Economic Union (EAEU), as a result of which they evaded paying huge taxes, ...

09/23/2024


Pashinyan: Armenia's independence is a platform for ensuring the security and freedom of citizens on its internationally recognised territory

... citizens of the Republic of Armenia, Yesterday, today and tomorrow is the independence referendum. Every day is a referendum on Independence and each of us makes a choice every day. The referendum question is answered every day by everyone who pays defined taxes (Yes) and hides taxes (No), every official who acts honestly (Yes) and takes bribes (No), every working person (Yes) and every individual who treats work with complacency (No), anyone who respects the law (Yes) and considers breaking the law as ...

09/21/2024


Mantashyants Entrepreneurs Union speaks against installing cameras at business entities

... surveillance cameras. “Forcing business entities to install cameras 24/7 at their own expense is an additional, unjustified financial burden for them, which is an extremely negative practice of the state imposing financial expenses in addition to taxes,” says the statement. It is noted that these amendments are controversial, including from the point of view of protecting personal data. Police access to company cameras 24/7 can’t be justified by the esire to reduce crime, since even now the ...

09/20/2024


State orders worth 171 billion drams placed at Armenian military-industrial complex enterprises - Minister

... near future we will also be able to develop a strategy; the relevant work has already begun," noted Hayrapetyan. According to him, in the first eight months of 2024, as a result of the added value generated in the military industry of Armenia, taxes in the amount of 6 billion drams were paid, recording an increase of about 70% compared to January-August 2023 (3.5 billion drams). ($1 - 387.09 drams). -0-

09/19/2024


Armenia's Central Bank expects the economy to grow by 6.5-5.8% in 2024

... - 5.4% and 5.5%, respectively. This year, the industrial sector is expected to grow by 4.7% in Scenario A and 4.5% in Scenario B, agriculture - by 3.7% in both scenarios, construction sector- by 14.5% and 13.7%, services - by 6.7% and 6.5%, and net taxes - by 1.1% and 0.6% respectively. Scenario A assumes inflation in Armenia at 2.1% by the end of this year, and Scenario B - at 2%. The forecast for 2025 is 4-3.2%, for 2026 - 4.2-3.8%, and for 2027 - 4% in both scenarios.  The economic growth of ...

09/12/2024


Analysing the company: a guide for the investor

... currently the main growth sectors of the S&P 500. Evaluate how dependent the sector in which the company operates is on legislative changes and what risks are typical for it. Independent analytical publications, investor portals, and major banks write about ... ... including expenses. Unlike revenue, the minimum amount of which is limited to zero, profit can be negative. EBITDA (Net Income, Taxes, Interest Expense, Depreciation & Amortisation) - earnings before taxes, interest on loans and costs associated with the ...

09/12/2024


Armenian residents may be exempted from fines levied by cadastral committee

... Committee , said that it refers to situations when mistakes were made during digitisation of cadastral data, due to which citizens paid less property tax. According to the current legislation, citizens are obliged not only to reimburse the amount of taxes that were not paid for all these years, but also have to pay fines and penalties for the whole period. According to the bill, citizens will be exempted from the obligation to pay penalties and fines that have accumulated due to an error made by ...

09/10/2024


Armenian Cadastre Committee proposes exemption from fines for tax errors caused by digitization mistakes

... Cadastre Committee during the digitization of cadastral data. Tovmasyan explained that these errors led to instances where citizens paid less property tax than required. Under the current legislation, citizens are not only obliged to pay the outstanding taxes for all the affected years but also face fines and penalties for the entire period. The proposed project seeks to relieve citizens from paying fines and penalties that have accumulated due to mistakes made by the Cadastre itself. However, Tovmasyan ...

09/04/2024


SRC head rejects business association's accusations of ‘terrorizing’ enterprises

... ‘terrorizes’ businesses. Mirakyan claimed that a bill initiated by the State Revenue Committee is aimed at putting business people in jail. ‘When we propose to get rid of a legislative norm that encourages some dishonest business people to avoid taxes, it does not mean that we want all business people to be jailed, Badasyan told reporters. ‘Sometimes people try to create the impression of being a broad-minded person and show that they are thinking very modern. From time to time, some experts ...

08/15/2024


Armenian government approves support program for flood-affected businesses in Lori and Tavush provinces

... at 1.2 million drams per business. Papoyan noted that approximately 150 businesses will receive aid totaling 140 million drams under the first component of the program. The second component, also benefiting around 150 businesses, will be based on the taxes paid by the businesses in 2023, with total aid reaching 150 million drams. Affected businesses can apply for assistance through the Ministry of Economy from August 25 to October 15. The overall program is expected to provide around 300 million drams ...

08/15/2024


Landlocked Armenia must make the best use of human resources - ADB head in Armenia (exclusive)

... introduction of the universal insurance system. Another project, which we also plan to approve this year, will be aimed at strengthening public administration. It is about the management of public finances and investments. It is very important that the taxes that the government collects are best invested in the future. At least one more investment programme is related to private companies. ARKA - In terms of attracting concession funds, how much resources has ADB helped attract to Armenia? D. Lambert ...

08/01/2024


Armenia's top 1,000 taxpayers contribute over $2.3bn to state budget in H1 2024

Compared to the first half of 2023, taxpayers paid an additional 25.9 billion drams YEREVAN, July 26. /ARKA/. The top 1,000 taxpayers in Armenia have contributed more than 900.4 billion drams ($2.33 billion) in taxes and customs duties to the state budget in the first half of 2024, the country’s State Revenue Committee reported on Friday. Compared to the first half of 2023, taxpayers paid an additional 25.9 billion drams. The top ten taxpayers are: Zangezur ...

07/26/2024


Armenian budget deficit of AMD 46.4 billion recorded in May- WB

... contracted by 12.1 percent and 11.6 percent (yoy), respectively, due to moderate consumption growth. In contrast, turnover tax and income tax collections increased by 25 percent and 14 percent, respectively, and helped compensate for the decline in indirect taxes. Total expenditures contracted by 9.7 percent (yoy), owing to an 18.4 percent drop in current expenditure. On the other hand, capital expenditure more than doubled, driven by an increase in spending in road construction. The January-May cumulative ...

07/16/2024


Budget surplus of AMD 47.2 recorded in April 2024 in Armenia

... This was largely due to growth in income tax collection (48 percent, yoy) as well as environmental tax collection, the latter mostly due to an increase in royalties,” the report said. However, declines in the collection of VAT, excise, and profit taxes were recorded in April, due to observed slowdown in consumption growth. “Expenditures expanded by 47.9 percent (yoy), driven by an 82 percent increase in current expenditures, as capital expenditures contracted by 56 percent due to reduced spending ...

07/01/2024


Armenian government to abolish untargeted tax exemptions

... while presenting a report on the 2023 budget execution. According to him, these expenditures would be justified if all these privileges really favoured business development, "but the answer is very ambiguous." According to him, the ratio of taxes paid to GDP is much higher in developed countries. "For comparison, in Armenia it was23.9 per cent in 2023, up 0.7 per cent from 2022. But, for example, in Slovenia the ratio is 34 per cent, and in France it is all of 46 per cent. Accordingly,...

06/13/2024


In 2023, each resident of Armenia paid on average almost 750 thousand drams in taxes

In 2023, each resident of Armenia paid on average almost 750 thousand drams ($1,930) in taxes, Finance Minister Vahe Hovhannisyan said on Wednesday. YEREVAN, 12 June. ARKA/. In 2023, each resident of Armenia paid on average almost 750 thousand drams ($1,930) in taxes, Finance Minister Vahe Hovhannisyan said on Wednesday. At the same ...

06/12/2024


Armenia's Central Bank expects economy to grow between 6.1-6.8 per cent in 2024

... industrial sector is expected to grow 8.3 per cent this year in scenario ‘A’ and 7.5 per cent in scenario ‘B’, agriculture -3.3 per cent and 2.8 per cent, construction -12.7 per cent in both scenarios, services 6.5 per cent and 5.8 per cent, and net taxes 4.7 per cent and 4.2 per cent. Scenario ‘A’ assumes inflation in Armenia at 0.9 per cent at the end of this year, while scenario ‘B’ - 1.3 per cent. The forecast for 2025 is 4.6-4.1 per cent, and 4.7-4.1 per cent for 2026. Armenia's economic ...

06/12/2024


Armenia to abandon turnover tax and switch to unified tax system

The Armenian government is preparing to abandon the turnover tax and switch to a unified tax system. госупр, на арка В Армении собираются отказаться от налога с оборота и перейти на систему единого налога Armenia to abandon turnover tax and switch to unified tax system YEREVAN, 6 June. /ARKA/. The Armenian government is preparing to abandon the turnover tax and switch to a unified tax system. A package of relevant draft laws adopted by the National Assembly in the first reading, proposing to revise...

06/06/2024


Armenian government refunded about AMD 363bn to taxpayers in 2023

... /ARKA/. The Armenian government refunded about AMD 363 billion to taxpayers in 2023, which is AMD 100 billion more than in 2022, the Chairman of the State Revenue Committee (SRC) Rustam Badasyan said on Friday. According to him, the refunded value-added taxes grew by 35% yoy to 75.4 billion drams. The refunded Income taxes were up 44% yoy to AMD 29 billion , while excise taxes refund grew by AMD 3.5 billion or about 200%. According to the SRC head, the state budget revenues grew by AMD 296bn or 15.4% ...

05/31/2024


Government more than triples allowances for Armenian athletes who qualify for Olympic Games

... ranking required for participation in the Olympic Games. In general, 297.6 million drams will be allocated from the state budget for the allowances. Currently, 11 Olympic-rated athletes in Armenia receive a total of 5 million drams monthly (including taxes and duties). ($1 - 387.50 drams). -0-

05/30/2024


"Rostelecom Armenia" rebrands to "OVIO".

... Apartment" technology in Yerevan and marzes, thus ensuring digital equality and promoting healthy competition in the market of internet and digital TV services. Until 2024, the company invested over AMD 37 billion in Armenia and paid AMD 14 billion in taxes. With the new brand, the company has shifted to an open and transparent way of working to provide a simple and comfortable experience for customers and partners. OVIO's entry into the market is a turning point in the company's development. With ...

05/24/2024


Warren Buffett: strategist, forecaster or lucky guy

... it for a five-dollar profit. Buffett has never shied away from work. At the age of 13, he delivered morning newspapers, paid taxes and, after earning enough money, bought 40 acres of land to rent to farmers. By the early '50s, Warren had earned a bachelor's ... .... The entrepreneur would buy companies that were recognized as reliable but were experiencing difficulties due to temporary changes. Then because of the reduced interest of other participants, the price of their shares would fall. When choosing assets,...

05/24/2024


Mother See of Holy Etchmiadzin calls Pashinyan's accusations against the Church 'reprehensible' and says this policy should be reconsidered

... was issued after a meeting of bishops and heads of dioceses chaired by the head of the Church, Catholicos of All Armenians Karekin II. On May 22, Armenian Prime Minister Nikol Pashinyan said the government had officially proposed imposing additional taxes on the Church. The Church rejected the proposal. Pashinyan also said that the issue of the Armenian Apostolic Church and other agents of foreign influence will be resolved within 2-3 months. "Various representatives of the Armenian government,...

05/24/2024


Armenian Apostolic Church should come out of 'shadow' and pay more taxes - MP says

... Simonian. YEREVAN, May 23. /ARKA/. The Armenian Apostolic Church should come out of the "shadows" and pay more taxes, secretary of the parliamentary faction of the ruling Civil Contract party Artur Hovhannisyan said today, echoing Prime ... ... businesses. According to Hovhannisyan, the Armenian Apostolic Church has a special status, but given the democratic and tax changes taking place in Armenia, as well as the financial means circulating in the country, the church should come out of the ...

05/23/2024


Armenian lawyers protest against bill that will increase the cost of their services

... we are facing," Babayan said. He noted that lawyers will be obliged to keep tax records according to a more complicated procedure. In addition, it will become almost impossible to provide free legal aid, because the lawyer will still have to pay taxes. "I will separately note - the burden will fall on individuals, the main consumers of services are citizens because they do not pay VAT, and for legal entities that pay VAT, our services will be more affordable than for ordinary citizens," ...

05/21/2024


Turnover tax for SMEs in Armenia to be doubled

Turnover tax for small and medium businesses in Armenia is to be doubled, according to a set of amendments to the Tax Code approved by the government today. They will soon be submitted to the Parliament for consideration. YEREVAN, May 2. /ARKA/. Turnover tax for small and medium businesses in Armenia is to be doubled, according to a set of. amendments to the Tax Code approved by the government today. They will soon be submitted to the Parliament for consideration. Thus, according to the proposed...

05/02/2024


Regulation of cryptosphere according to European model is not in Armenia's interests - Web3 Armenia co-founder

... which is the EU banking system, is completely unreasonable. The law should be adopted not following the EU example, but following the model of the US, Singapore and the UAE. The EU example is impractical, it will lead to the fact that instead of paying taxes, Armenian citizens will be forced to engage in unregulated activities. Companies will leave Armenia, cryptocurrency exchanges will close down,” Harutyunyan noted. He added that adopting a version of the law close to the European one is definitely not in Armenia's interests. Harutyunyan suggested holding more extended discussions so that the government can understand ...

04/26/2024


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