Vardan Aramyan: in January-February 2017 Armenian fly-by-night business was cut off AMD 15 bln

ArmInfo. In 2017, at the cost of shadow turnover ArmenianGovernment  has already collected AMD 15 bln more taxes, Vardan Aramyan, the Finance Minister of Armenia, stated at a press conference in Yerevan on March 22.

The Minister reminded that tax collectables in 2016 formed about AMD 1 trln 80 bln, which forms 21,3% of GDP. According to Aramyan, in this respect the Government has reached an  overcome of   the indications planned, because in 2016 budget this indication was set at 20,7% per taxes/GDP item.  " The budget deficit was responsive to the expectations of the Government and conformed to the planned indicator of GDP 5,5%," Vardan Aramyan stated.

Already in 2017, within the   6 - 6,5% Armenia's economic activity growth for January-February, the state budget incomes grew for 7,2%, which was preconditioned with tax revenues growth for 9,7%, or AMD 6,6 bln more than the indicator estimated.  "In first two months of 2017, the taxation plan is outstripped  both in respect to the indicator planned and to the similar indicator of the last year, " he mentioned. 

According to the Minister, to provide the planned annual level of tax revenues set in 2017 budget at the level of AMD 1 trln 135 bln, it was planned to collect AMD 77,6 bln taxes in January. Actually, this indicator has been exceeded for AMD 3 bln. The similar tendency remained also in February - AMD 86,3 bln taxes were collected versus that planned at AMD 80 bln.

To note, according to the State Budget of RA,  Armenia's GDP growth will  reach 3.4% in 2017, against the predicted 3.2% for 2016 (previously  forecasted 2,25-2,5%). According to the state budget of Armenia, economic growth in 2017 is planned at 3.2% of nominal GDP growth -  within 5%, while the index-deflator by 1.7% (vs. 2.4% in 2016), the  deficit of 150.1 billion AMD. The profitable part of the state budget  of Armenia in 2017 will increase to $ 1 trillion.  210billion AMD,  expenses will decline to 1trillion 360 billion AMD, the ratio of  revenues/GDP is 22.4% (compared to revenues/GDP 21.8% in 2016). According to Aramyan, based on the results of first  20 days of  March one could already state that the anticipatory temps in respect to tax collections are expected this month  as well.  "Summarizing the results of first two months, I could say that in comparison to the similar period of  2016, this year  we have collected AMD 15 bln more taxes," Aramyan stated.

To remind, the tax based  budget revenues for 2017 are estimated at AMD 1 trln. 135 bln, or  21% GDP, which is  0,3%  higher than the same indicator for 2016 ( AMD 1 trln 129 bln  in  2016- and  AMD 1 trln 065 bln  in 2015 ). Armenia's budget revenues in 2017  will form AMD  1 trlan  210 bln (about  $2,55 bln.).  Tax based revenues will form  93,8% of all the budget incomes: benefit based revenues are estimated at AMD 347,2 bln, profit based taxes - at AMD 134,2 bln, custom fees - AMD 53,6 bln, environment fees -at AMD 32,7 bln, license fees and turnover tax - AMD 24,3 bln, by lump charges - AMD 3,3 bln. In respect to direct social security fees AMD 14,3 bln income is expected.