Monday, August 1 2016 21:05

Armenian banks paid 19.4bln drams taxes to state budget in 1st half of 2016

Armenian banks paid 19.4bln drams taxes to state budget in 1st half of 2016

ArmInfo. Armenian banks paid 19.4bln drams taxes to the state budget in the 1st half of 2016, which is 13.7% lower than for the same period of 2015. Direct taxes (including profits and incomes taxes) amounted more than 90% or 17.4bln drams of total with a 15% decline year-over-year. According to the State Revenue Committee, 13 of the 19 operating banks were among top 100 biggest taxpayers in Armenia in the 1st half of 2016.  Top 5 taxpayer-banks were Ameriabank, VTB Bank (Armenia), Ardshinbank, ACBA-Credit Agricole Bank and Armbusnessbank, with four of them were among top 5 taxpayer-banks a year ago too. In the 1st half of 2016, the top 5 taxpayer- banks paid 10.1bln drams to the state budget (down 16.3% y-o-y), of which 9.3bln drams were direct taxes (down 16.8% y-o-y).   

Ameriabank is the leading taxpayer-bank that took the 19th place (vs13th place a year ago) in the list of the top taxpayers and paid 2.7bln drams to the state budget, of which 2.6bln drams were direct taxes (including profits tax and income tax).  Then goes VTB Bank (Armenia) - 26th place (24th a year ago) - 2.02bln drams taxes, including 1.8bln drams direct ones; Ardshinbank - 27th place (26th) - 1.9bln drams of which 1.8bln drams were direct taxes; ACBA-Credit Agricole Bank - 20th place (36th) - 1.8bln drams of which 1.6bln - direct taxes. Armbusinessbank round out Top 5 largest taxpayer-banks - 30th place (27th) - 1.7bln drams, of which 1.5bln drams - direct taxes. 

Top 100 taxpayers of Armenia comprise the following banks too: INECOBANK(35th place - 1.6bln drams, incl.1.5bln drams direct taxes), Unibank (49th place -1.2bln drams, inlc.1bln drams direct taxes), HSBC Bank Armenia (71st place - 791mln drams, incl. 679mln drams direct taxes), Armeconombank (74th place - 775mln drams, incl. 686mln direct taxes), Converse Bank (78th place - 761mln drams, incl. 695mln drams direct taxes), Bank Anelik (81st place - 748.2mln drams, incl. 662.6mln drams direct taxes), Araratbank (84th place - 734mln drams, incl. 676mln direct taxes), Areximbank-GPB Group (99th place - 615.3mln drams, incl.476.6mln - direct taxes). 

Top 200 largest taxpayers of Armenia among others comprise the following banks: ArmSwissbank - 111th place - 551mln drams (incl. 532.5mln direct taxes), Armenian Development Bank - 148th place - 398mln drams (incl. 369.1mln drams direct taxes), Prometey Bank - 172nd place - 333.1mln drams (incl. 309.7mln drams direct taxes), and Mellat Bank - 184th place - 317.2mln drams (incl. 306mln drams direct taxes).

Top 1,000 largest taxpayers of Armenia included Byblos Bank Armenia -235th place - 250.1mln drams (incl. 149.2mln drams direct taxes) and Artsakhbank - 396th place - 135mln drams (inc. 102mln drams direct taxes). 

According to ArmInfo's Financial Rating of Armenian Banks, the accumulated profits of the banking system of Armenia for the 1st half of 2016 totaled 152.5bln drams, falling 3.5% year over year. Top 5 banks by accumulated profits are HSBC Bank Armenia - 33.8bln drams, Ardshinbank - 27.8bln drams.  Ameriabank - 20.2bln drams, ACBA-Credit Agricole Bank - 15.2bln drams. INECOBANK - 13.01bln drams. The Banking system received 16.65bln drams profits for the 1st half of 2016 (up 36.2% year over year), with the post-tax net profits totaling 12.4bln drams with a 58.7% year-over-year growth.  In Q2 2016, net profits of the banking system grew 3fold to 9.3bln drams (exchange rate for June 30 3016 - 476.68 AMD/1USD.).

ProCredit Bank and BTA Bank merged with INECOBANK and Armeconombank, respectively, and are not available in the list of taxpayers. The banking sector is being consolidated including through merger of banks to meet the Central Bank's minimal capital required for 2017 - 30bln drams. 7 banks have met this requirement (32-60.3bln drams as of July 1 2016) ahead of time: Ameriabank, ACBA-Credit Agricole Bank, HSBC Bank Armenia, Ardshinbank, VTB Bank (Armenia), INECOBANK and Armbusinessbank.

POST A COMMENT
Input digits     


News
Armenia`s financial authorities continue loan market dedollarization Armenia`s financial authorities continue loan market dedollarization 
60 Armenian IT companies among Armenia`s 1,000 major taxpayers 60 Armenian IT companies among Armenia`s 1,000 major taxpayers 
Armenia`s minister of economy meets with BostonGene company reps Armenia`s minister of economy meets with BostonGene company reps 
Ameriabank leads Armenian mortgage marketAmeriabank leads Armenian mortgage market
Global Finance: Converse Bank is Armenia`s leading bank in Trade FinanceGlobal Finance: Converse Bank is Armenia`s leading bank in Trade Finance
Expert forecasts that growth of business activity in Armenian economy  to reach 7% this year Expert forecasts that growth of business activity in Armenian economy  to reach 7% this year 
Wizz Air to start operating flights to 4 new routesWizz Air to start operating flights to 4 new routes
ZCMC paid unprecedented taxes in 2022, exceeding the figure of the previous year by almost two and a half times.ZCMC paid unprecedented taxes in 2022, exceeding the figure of the previous year by almost two and a half times.
Armenian NPP comments on Azerbaijani Human Rights Commissioner`s call Armenian NPP comments on Azerbaijani Human Rights Commissioner`s call 
Armenia`s IT sector rapidly developing - reps Armenia`s IT sector rapidly developing - reps 
Armenia, Qatar discuss opportunities for investment cooperation Armenia, Qatar discuss opportunities for investment cooperation 
44,929 more officially registered jobs in Armenia as against last  year44,929 more officially registered jobs in Armenia as against last  year
Italian businesses interested in Armenia`s investment environment Italian businesses interested in Armenia`s investment environment 
Vahan Kerobyan raises Artsakh issue at Global Forum on Food and  Agriculture in BerlinVahan Kerobyan raises Artsakh issue at Global Forum on Food and  Agriculture in Berlin
Corporacion America  CEO expresses readiness to increase investments  in ArmeniaCorporacion America  CEO expresses readiness to increase investments  in Armenia
Loss ratio in CMPTL market decreased from 79% to 66% in 2022 Loss ratio in CMPTL market decreased from 79% to 66% in 2022 
Armenian banks record 3-fold growth in net profit in 2022Armenian banks record 3-fold growth in net profit in 2022
Expert: The development of the cryptosector in Armenia is the key to the involvement of new players, the growth of the tax base and jobs   Expert: The development of the cryptosector in Armenia is the key to the involvement of new players, the growth of the tax base and jobs  
901 transactions to amount of over AMD 56bln effected under economic  modernization programme in 2022901 transactions to amount of over AMD 56bln effected under economic  modernization programme in 2022
Armenia`s economy will not be able to withstand the expansion of  Turkish goods- EconomistArmenia`s economy will not be able to withstand the expansion of  Turkish goods- Economist
Armenia`s government to support hotels in Syunik, Vaiots DzorArmenia`s government to support hotels in Syunik, Vaiots Dzor
In Armenia, terms for removing arrest from citizens` accounts to be  reduced to 1-2 days from previous 7 days or moreIn Armenia, terms for removing arrest from citizens` accounts to be  reduced to 1-2 days from previous 7 days or more
Share of Armenia`s authorized capital in  EDB increased to 4.2291%,  while Russia`s stake in EDB decreased  to 44.7878%  Share of Armenia`s authorized capital in  EDB increased to 4.2291%,  while Russia`s stake in EDB decreased  to 44.7878%  
Armenia, Germany discuss number of issues on cooperation in economic  sectorArmenia, Germany discuss number of issues on cooperation in economic  sector
$350mln to invested in Zvartnots International Airport$350mln to invested in Zvartnots International Airport
Declaration of income: We have not achieved tax egalitarianism -  ExpertDeclaration of income: We have not achieved tax egalitarianism -  Expert
In Jan-Nov 2022, Armenian-Georgian trade turnover doubled compared to  2021, amounting to $759 million- PashinyanIn Jan-Nov 2022, Armenian-Georgian trade turnover doubled compared to  2021, amounting to $759 million- Pashinyan
Irakli Garibashvili announces about 70% increase in foreign trade  turnover with ArmeniaIrakli Garibashvili announces about 70% increase in foreign trade  turnover with Armenia
The beneficiary of The beneficiary of "The Power of One Dram" in January is the educational program "Talentum"
Fly Arna airline announces launch of new nonstop flights to Saint  PetersburgFly Arna airline announces launch of new nonstop flights to Saint  Petersburg
Vardan Aramyan: With the current quality and level of investments,  there is no need to talk about the growth of the economy`s potentialVardan Aramyan: With the current quality and level of investments,  there is no need to talk about the growth of the economy`s potential
Ministry of Economy of Armenia expects that ferry service to start  operating in Q1 2023Ministry of Economy of Armenia expects that ferry service to start  operating in Q1 2023
Armenia`s gross international reserves move down from historical highArmenia`s gross international reserves move down from historical high
Armenia`s tax revenues AMD 1,926bln in 2022Armenia`s tax revenues AMD 1,926bln in 2022
Robert Khachatryan: receiving station and satellite control center to  be put into operation during 2023Robert Khachatryan: receiving station and satellite control center to  be put into operation during 2023
Armenia extending restrictions on import of cement and clinkerArmenia extending restrictions on import of cement and clinker
New Year in Idram. results of 2022New Year in Idram. results of 2022
Ameriabank named Best Foreign Exchange Bank in Armenia by Global FinanceAmeriabank named Best Foreign Exchange Bank in Armenia by Global Finance
Economic growth in 2022 is not inclusive and leads to widening of  social gap - Luys FoundationEconomic growth in 2022 is not inclusive and leads to widening of  social gap - Luys Foundation
In 2022, social investments of Zangezur Copper-Molybdenum Plant  amounted to about 3.5 billion dramsIn 2022, social investments of Zangezur Copper-Molybdenum Plant  amounted to about 3.5 billion drams
Tariff for final consumers of electricity in Armenia will remain  unchanged in 2023Tariff for final consumers of electricity in Armenia will remain  unchanged in 2023
CBA to put into circulation new batch of 3rd generation thousandth  banknotes from January 23, 2023CBA to put into circulation new batch of 3rd generation thousandth  banknotes from January 23, 2023
Vahan Kerobyan: Unemployment rate in Armenia in 2023 will be below  10%Vahan Kerobyan: Unemployment rate in Armenia in 2023 will be below  10%
$56mln recovered to state budget in 2022$56mln recovered to state budget in 2022
CBA improves net private transfers forecast for 2022CBA improves net private transfers forecast for 2022
CBA improves unemployment forecast for 2022 CBA improves unemployment forecast for 2022 
RF Deputy Minister: financial institutions of Russia, Armenia are  expanding  network of correspondent relationsRF Deputy Minister: financial institutions of Russia, Armenia are  expanding  network of correspondent relations
Vahan Kerobyan: Number of labor migrants to reduce significantly next  yearVahan Kerobyan: Number of labor migrants to reduce significantly next  year
EDB analysts expect 12% growth in mutual trade in EAEU by end of 2022EDB analysts expect 12% growth in mutual trade in EAEU by end of 2022
Analyst: Global confrontation between West and Russia urgently  dictates the acceleration of integration processesAnalyst: Global confrontation between West and Russia urgently  dictates the acceleration of integration processes
Minister of Economy voices main risks to achieve economic growthMinister of Economy voices main risks to achieve economic growth
Final phase of ADB-financed bypass road program startsFinal phase of ADB-financed bypass road program starts
Deputy Prime Ministers of Armenia, Russia took part in solemn  ceremony of commemorative cancellation of stamp on establishment of  diplomatic relations between countriesDeputy Prime Ministers of Armenia, Russia took part in solemn  ceremony of commemorative cancellation of stamp on establishment of  diplomatic relations between countries
First stage of work under First stage of work under "Engineering City" program has been  successfully completed
Deadlines for submission of income declarations by individuals have  been changedDeadlines for submission of income declarations by individuals have  been changed
Armenia, Netherlands discuss new opportunities for cooperation in  technological fieldArmenia, Netherlands discuss new opportunities for cooperation in  technological field
Over 700,000 officially registered employees in Armenia Over 700,000 officially registered employees in Armenia 
Armenian Parliament elects CBA Deputy Governor and new member of CBA  Board Armenian Parliament elects CBA Deputy Governor and new member of CBA  Board 
IFC, Amundi-Acba Launch Partnership to Increase Investment in Armenia’s InfrastructureIFC, Amundi-Acba Launch Partnership to Increase Investment in Armenia’s Infrastructure
Structural reforms more urgent amid significant uncertainty – IMFStructural reforms more urgent amid significant uncertainty – IMF
Read more


Exchange rates
30.01.2023
RUB5.69-0.02
USD395.88-0.14
EUR431.870.60
GBP491.251.21
CAD297.25-0.15
JPY30.48-0.03
CNY58.540.05
CHF430.960.83