Thursday, February 2 2017 20:56
Alina Hovhannisyan

In 2016 Armenian banks paid 34.4 bln AMD in taxes, with a 16.9% year-over-year decline

In 2016 Armenian banks paid 34.4 bln AMD in taxes, with a 16.9%  year-over-year decline

ArmInfo. In 2016, the  banking system of Armenia paid 34.4 bln AMD in taxes, 16.9% less than  in 2015. Over 88% or 30.1 bln AMD of this amount was paid in direct  taxes (including profit tax and income tax), with a 19.1% decline  versus 2015. According to the State Revenue Committee of Armenia, 12  out of the functioning 17 banks (versus 13 in 2015) were among the  top 100 taxpayers of Armenia in 2016. The top banks among the  taxpayers were Ameriabank, VTB Bank (Armenia), ACBA-Credit Agricole  Bank, Ardshinbank and INECOBANK, which paid 16.7 bln AMD in taxes  (down 22.3% versus 2015), including 15.1 bln AMD in direct taxes  (down 22.2% versus 2015).

Ameriabank was the 25th (15th position a year before) on the list of  top 100 taxpayers. The bank paid 4 bln AMD in taxes, including 3.8  bln AMD in direct taxes (profit tax and income tax inclusive). VTB  Bank (Armenia) held the 29th position (24th position a year before)  by paying 3.4 bln AMD, including 2.9 bln AMD in direct taxes.  ACBA-Credit Agricole Bank was the 31st (versus 38th position a year  before) - 3.3 bln AMD, including 2.9 bln AMD in direct taxes.  Ardshinbank was the 39th (versus 25th position a year before) - 3 bln  AMD, including 2.8 bln AMD in direct taxes. INECOBANK held the 43rd  position (versus 53rd position a year before) - 2.8 bln AMD,  including 2.6 bln AMD in direct taxes. 

The top 100 taxpayers also included Armbusinessbank (45th position -  2.7 bln AMD, including 2.4 bln AMD in direct taxes), Unibank (49th  position - 2.6 bln AMD, including 2.1 bln AMD in direct taxes), HSBC  Bank Armenia (68th position - 1.8 bln AMD, including 1.6 bln AMD in  direct taxes), Converse Bank (74th position - 1.6 bln AMD, including  1.4 bln AMD in direct taxes), Anelik Bank (82nd position - over 1.5  bln AMD, including 1.2 bln AMD in direct taxes), and Armeconombank  (83rd position - 1.5 bln AMD, including 1.3 bln AMD in direct taxes).

The top 200 taxpayers of Armenia also comprised Areximbank - 106th  position (1.2 bln AMD, including 1 bln AMD in direct taxes),  Araratbank - 128th position (1 bln AMD, including 890.7 mln in direct  taxes), Armswissbank - 143rd position (861.1 mln AMD, including 827.2  mln AMD in direct taxes), Armenian Development Bank - 172nd position  (738.9 mln AMD, including 694.3 mln AMD in direct taxes), and  Prometey Bank - 190th position (666.2 mln AMD, including 604.5 mln  AMD in direct taxes). 

The top 1000 taxpayers of Armenia also comprised Mellat Bank - 266th  position (470.3 mln AMD, including 452.9 mln AMD in direct taxes),  Byblos Bank Armenia - 289th position (431.2 mln AMD, including 316.3  mln in direct taxes), and Artsakhbank - 456th position (200.2 mln  AMD, including 194.2 mln AMD in direct taxes). 

According to the Financial Rating of Armenian Banks by the Agency of  Rating Marketing Information (ArmInfo), in 2016 the aggregate  accumulated profit of the Armenian banking system amounted to 162.1  bln AMD (up 4.1% versus 2015). The top five banks in terms of  accumulated profit were Ardshinbank - 29.9 bln AMD, HSBC Bank Armenia  - 28.6 bln AMD, Ameriabank - 24.3 bln AMD, ACBA-Credit Agricole Bank  - 16.3 bln AMD, INECOBANK - 15.5 bln AMD. In 2016, the pretax profit  of the banking system was 24.6 bln AMD (down 25.4% versus 2015), and  the net profit totaled 18.3 bln AMD (down 29.9% versus 2015). In Q4  2016, the net profit of the banking system dropped by 82.1% to 940.3  mln AMD. (On 31 Dec 2016, the average AMD/USD exchange rate was  483.94 AMD/$1).

To note, in late 2015 ProCredit Bank and BTA Bank merged with  INECOBANK and Armeconombank respectively. A year later, in December  2016 Areximbank-Gazprombank Group and Armenian Development Bank  merged with Ardshinbank and Araratbank respectively. As a result, now  there are 17 banks in Armenia. As of January 1, 2017, unlike  Ardshinbank, the financial reports of INECOBANK, Armeconombank and  Araratbank have already been published in a merged form. The  consolidation of the banking sector of Armenia was dictated by the  need to meet the Central Bank's minimum total capital standard (30  bln AMD), which came into effect on 1 Jan 2017.


News
Armenian telecom operators increased tax payments to state treasury  by 14% in 2021Armenian telecom operators increased tax payments to state treasury  by 14% in 2021
Armenia`s budget assistance to Artsakh in 2022 will amount to about  300 million US dollarsArmenia`s budget assistance to Artsakh in 2022 will amount to about  300 million US dollars
Zangezur Copper-Molybdenum Combine topped list of largest taxpayers  in ArmeniaZangezur Copper-Molybdenum Combine topped list of largest taxpayers  in Armenia
EBRD to provide US$25 million to Ameriabank under SMEs, WiB  programmes in ArmeniaEBRD to provide US$25 million to Ameriabank under SMEs, WiB  programmes in Armenia
Economist: Armenia`s export structure has degraded greatly over the  past 20 yearsEconomist: Armenia`s export structure has degraded greatly over the  past 20 years
We should consider opening roads with Turkey also in terms of  opportunitiesWe should consider opening roads with Turkey also in terms of  opportunities
David Papazian appointed Chairman of Board of Fly Arna  Armenia`s  national airlineDavid Papazian appointed Chairman of Board of Fly Arna  Armenia`s  national airline
Armenia simplifies licensing for number of activities for foreign  companiesArmenia simplifies licensing for number of activities for foreign  companies
Armenia once again extended embargo on scrap metal exports Armenia once again extended embargo on scrap metal exports 
NDU and Central Depository of Armenia signed a memorandum of cooperationNDU and Central Depository of Armenia signed a memorandum of cooperation
Moody`s assigns Ba3 IFSR to Export Insurance Agency of Armenia with  stable outlookMoody`s assigns Ba3 IFSR to Export Insurance Agency of Armenia with  stable outlook
Expert: Armenia will never be able to have a positive trade balance  with TurkeyExpert: Armenia will never be able to have a positive trade balance  with Turkey
Promise of Deputy Prime Minister: The price of gas will not increase  for socially disadvantaged groupsPromise of Deputy Prime Minister: The price of gas will not increase  for socially disadvantaged groups
First Istanbul-Yerevan flight of Pegasus Airlines is scheduled for  February 2First Istanbul-Yerevan flight of Pegasus Airlines is scheduled for  February 2
CMTPL e-policies continue to grow rapidly in Armenia, approaching  quarter of total number of contractsCMTPL e-policies continue to grow rapidly in Armenia, approaching  quarter of total number of contracts
Dairy products with milk fat substitutes and/or other additives will  be placed on separate store shelves in Armenia: ProjectDairy products with milk fat substitutes and/or other additives will  be placed on separate store shelves in Armenia: Project
Armenia`s Public Service Regulatory Commission approves sale of Filor Ventures Limited, Rostelecom`s  only foreign assetArmenia`s Public Service Regulatory Commission approves sale of Filor Ventures Limited, Rostelecom`s  only foreign asset
Hovhannes Khachatryan elected Deputy Head of Central Bank of ArmeniaHovhannes Khachatryan elected Deputy Head of Central Bank of Armenia
In 2021, EBRD portfolio in Armenia was record-breaking-$175 millionIn 2021, EBRD portfolio in Armenia was record-breaking-$175 million
Expert: Rise in energy prices in Armenia is a consequence of wrong,  uncalculated decisions of the authoritiesExpert: Rise in energy prices in Armenia is a consequence of wrong,  uncalculated decisions of the authorities
Economy Ministry announces launch of program to assist textile  industry in ArmeniaEconomy Ministry announces launch of program to assist textile  industry in Armenia
Government is preparing programs to support domestic producers in  view of lifting of embargo on Turkish importsGovernment is preparing programs to support domestic producers in  view of lifting of embargo on Turkish imports
Armenian NPP and Rusatom Overseas to sign Memorandum of UnderstandingArmenian NPP and Rusatom Overseas to sign Memorandum of Understanding
Vahagn Khachatryan to head Armenian-Bulgarian intergovernmental  commission on economic and scientific-technical cooperationVahagn Khachatryan to head Armenian-Bulgarian intergovernmental  commission on economic and scientific-technical cooperation
Minister of Health of Armenia will head intergovernmental commission  on trade and economic cooperation with LithuaniaMinister of Health of Armenia will head intergovernmental commission  on trade and economic cooperation with Lithuania
Ministry of Economy: Armenia intends to reach 7% economic growth in  2022Ministry of Economy: Armenia intends to reach 7% economic growth in  2022
Labor productivity in Armenia is lower than EAEU averageLabor productivity in Armenia is lower than EAEU average
Acba Bank Brings Apple Pay to Customers. A safer, more secure and private way to pay with iPhone and Apple WatchAcba Bank Brings Apple Pay to Customers. A safer, more secure and private way to pay with iPhone and Apple Watch
By the end of 2022, inflation in Armenia will decrease to 4 +/-1.5%:  Candidate for Deputy Governor of Central BankBy the end of 2022, inflation in Armenia will decrease to 4 +/-1.5%:  Candidate for Deputy Governor of Central Bank
 Converse Bank Brings Apple Pay to Customers  A safer, more secure and private way to pay with iPhone and Apple Watch Converse Bank Brings Apple Pay to Customers A safer, more secure and private way to pay with iPhone and Apple Watch
Armenia`s premier chairs discussion of wine industry development  prospects  Armenia`s premier chairs discussion of wine industry development  prospects  
Ardshinbank Brings Apple Pay to CustomersArdshinbank Brings Apple Pay to Customers
Cash circulation to be restricted in Armenia from July 1, 2020Cash circulation to be restricted in Armenia from July 1, 2020
Environmental protection ARMENAL`s priorityEnvironmental protection ARMENAL`s priority
Armenia`s Minister of Economy appointed Armenian-Moldavan Economic Cooperation Commission co- chairArmenia`s Minister of Economy appointed Armenian-Moldavan Economic Cooperation Commission co- chair
Armenia`s minister of economy appointed co-chair of Armenian-Kazakh Economic Cooperation  CommissionArmenia`s minister of economy appointed co-chair of Armenian-Kazakh Economic Cooperation  Commission
Armenia`s Minister of Economy appointed co-chair of Armenian-Kyrgyz Economic Cooperation  CommissionArmenia`s Minister of Economy appointed co-chair of Armenian-Kyrgyz Economic Cooperation  Commission
In 2021, the number of subvention programs in Armenia exceeded the  two-year figureIn 2021, the number of subvention programs in Armenia exceeded the  two-year figure
ANIF Fund will invest about USD 1.4 million in transport and cargo  transportation fieldANIF Fund will invest about USD 1.4 million in transport and cargo  transportation field
Food Safety Inspectorate of Armenia imposes restrictions on import of  number of goods from Kazakhstan, Russia, Czech Republic and PolandFood Safety Inspectorate of Armenia imposes restrictions on import of  number of goods from Kazakhstan, Russia, Czech Republic and Poland
Only 5.5% of the highway was built under North-South program in 12  yearsOnly 5.5% of the highway was built under North-South program in 12  years
President of Armenia at meeting with Executive Director of Mubadala  noted Armenia`s interest in investments from  UAEPresident of Armenia at meeting with Executive Director of Mubadala  noted Armenia`s interest in investments from  UAE
The influx of foreign investment in the Armenian economy grew by  October 2021 due to a jump in FDIThe influx of foreign investment in the Armenian economy grew by  October 2021 due to a jump in FDI
EDB analysts presented the first in this year macroeconomic review:  Economic activity in Armenia increased by 5.2%EDB analysts presented the first in this year macroeconomic review:  Economic activity in Armenia increased by 5.2%
Armenian president`s visit results: Wizz Air Abu Dhabi to start  flights to YerevanArmenian president`s visit results: Wizz Air Abu Dhabi to start  flights to Yerevan
Armenia`s president meets with Masdar company CEOArmenia`s president meets with Masdar company CEO
The price of gas at the border in 2022 was regulated by an additional  agreement to the contract of 2013 - Ministry of Territorial  Administration and InfrastructuresThe price of gas at the border in 2022 was regulated by an additional  agreement to the contract of 2013 - Ministry of Territorial  Administration and Infrastructures
Vahan Kerobyan will head Armenian-Belarusian intergovernmental  commission on economic cooperation from Armenian sideVahan Kerobyan will head Armenian-Belarusian intergovernmental  commission on economic cooperation from Armenian side
Fly Arna, Armenia s national airline plans to launch air flights at  the end of MayFly Arna, Armenia s national airline plans to launch air flights at  the end of May
Gnel Sanosyan to head the Armenian-Turkmen intergovernmental  commission on economic cooperation from the Armenian sideGnel Sanosyan to head the Armenian-Turkmen intergovernmental  commission on economic cooperation from the Armenian side
Pashinyan formed working group for effective implementation of work  on construction program of small- medium reservoirsPashinyan formed working group for effective implementation of work  on construction program of small- medium reservoirs
Export of goods up to one million drams in Armenia will be exempt  from customs dutiesExport of goods up to one million drams in Armenia will be exempt  from customs duties
Armenia`s government grants loan to Armenian NPP Armenia`s government grants loan to Armenian NPP 
FLYONE ARMENIA launches Yerevan-Istanbul-Yerevan flightsFLYONE ARMENIA launches Yerevan-Istanbul-Yerevan flights
Armenian government to increase funding for subvention programs in  border communitiesArmenian government to increase funding for subvention programs in  border communities
Armavir leader in land purchase-and-sale deals Armavir leader in land purchase-and-sale deals 
2-fold YoY increase in real estate business in Yerevan 2-fold YoY increase in real estate business in Yerevan 
Results of the review of regulatory framework for advancing “green finance” in Armenia presented to stakeholdersResults of the review of regulatory framework for advancing “green finance” in Armenia presented to stakeholders
Armenian banks` client base up by 3.8% by Nov. 2021 Armenian banks` client base up by 3.8% by Nov. 2021 
9.7% year-on-year rise in housing prices in Armenia`s regions by Dec.  2021 9.7% year-on-year rise in housing prices in Armenia`s regions by Dec.  2021 
Read more


Exchange rates
24.01.2022
RUB6.17-0.13
USD481.63-0.49
EUR545.49-1.19
GBP651.50-2.74
CAD382.28-2.65
JPY42.39-0.08
CNY75.950.02
CHF528.39-0.02