Top five companies in terms of tax losses in 2014 were Orange Armenia, Gazprom Armenia, Nairit Plant, Rusal Armenal and ENA

At the yearend of 2014, the top five companies in terms of tax losses were Orange Armenia (43.4 bln AMD), Gazprom Armenia (32.1 bln), Nairit Plant (29.1 bln AMD), Rusal Armenal (19 bln AMD) and Electric Networks of Armenia (ENA) (9.7 bln AMD).

In 2014 Orange Armenia and Gazprom Armenia swapped places: the former took the lead, having increased that index by 9.6%, while the latter reduced the index 3.2-fold. Nairit Plant and Rusal Armenal retained their positions, with the former reducing the index by 11.3% and the latter increasing it by 3.5%.  The fifth one - ENA - rose by 6 positions in 2014 due to almost 2-fold growth in the tax losses.  Three years earlier the top five in terms of tax losses were the same companies, except ENA. In particular, the top five were Nairit Plant (down 4.5%), Orange Armenia (up 49%), Gazprom Armenia (almost twofold growth), Rusal Armenal (up 59%).

The list of the top ten companies in terms of tax losses also includes GeoProMining Gold, South Caucasus Railway, Air Armenia, ArmWaterCanal, and Spayka. In 2013, the South Caucasus Railway and ArmWaterCanal were among the top ten, while Spayka was among the top five. In 2011, only the South Caucasus Railway and ArmWaterCanal retained their positions among the top ten.

To note, Orange Armenia, the 100% subsidiary of France Telecom (Orange brand), has been operating on the Armenian market since 2009.  It mostly provides mobile services, but on 22 July 2015 it was officially announced that the company is being sold to Ucom. Rusal Armenal was founded in May 2000 on the basis of the Kanaker Aluminum Plant. It is one of the largest industrial enterprises of Armenia and the only aluminum foil manufacturer in the Caucasus and Central Asia.  Nairit Plant - a rubber manufacturer - has been idle since April 2010. "Gazprom Armenia" CJSC, the 100% subsidiary of Gazrpom OJSC, supplies and sells natural gas on the domestic market of Armenia.  "ENA" CJSC, the 100% subsidiary of "Inter RAO UES" has an exclusive license for transmitting and distributing electric power throughout Armenia. ENA's total debt is about 150 bln AMD.