The gross revenues of 532 major taxpayers of Armenia summed up USD 152.6 million according to the results of the Quarter II of 2015

Total revenue 532 largest taxpayers by the end of the II quarter of 2015 reached AMD 74 billion or USD 156.6 million, with an annual growth of 4%. This was said on July 24 at a press conference by Rafik Mashadyan, the Head of the Tax Inspectorate of Armenia, presenting the results of the inspectorate with the large taxpayers. Tax revenues have also increased. In the first half of the year the largest increase in 

sales volumes was recorded in the banking sector, with an annual growth of 35 billion drams.

 

"According to our research, this year the banks have provided more foreign currency loans than a year

earlier. In terms of the realization, the mining industry is close to the banking system by providing an annual increase of 33 billion drams. As regards the businesses in the construction sector and enterprises producing alcoholic beverages the situation is worse: the turnover have reduced. The most significant decline of tax revenue comes from the field of communications, in particular, they reduced at VivaCell MTS in the first half of nearly for AMD 6 billion", R. Mashadyan mentioned

 

Tax Inspectorate strictly monitors the situation while continuing to carry out inspections. A recent inspection of the "Flash" company and Agarak Copper-Molybdenum factory revealed the presence of additional tax liabilities, AMD 50 million and AMD 3 billion, respectively - he said.

 

According to him, the excise labeling facilitates the growth of turnover and the inspections revealed violations here as well. In case of lack of excise duties fines and penalties will apply.  According to the financial ratings of the banks of Armenia prepared  by ArmInfo news agency, the banking system has completed the first half of 2015 with a net profit of AMD 8.1 billion, having reduced it by 54.4% in an annual breakdown. Moreover, 14 banks have worked profitably - AMD 16.8 billion and the total loss of the other seven banks amounted to AMD 8.7 billion. 

 

According to the data of the RA National Statistical Service, the mining industry has completed the January-May 2015 with volume of production of AMD 95.3 billion, exceeding the figure of a year before 

by 32.3%. Out of this amount, 99% is accounted for production of metal ores, with an annual increase in absolute value by 32.9%. At the same period the company producing beverages demonstrated an 

annual decline of 23.9% up to AMD 31 billion. Brandy production decreased by 21,2%, beer - 13.9%.