Tuesday, October 31 2017 13:08

ArmInfo. In 2018, tax revenues to the state budget of the country are planned at the level of 1, 247 trillion drams, which will surpass the indicators of 2017 by 9.9%.  This was stated at the parliamentary hearings on the draft law "On the State Budget of 2018", Deputy Chairman of the Committee on State Revenues Vakhtang Mirumyan.

According to him, next year the "taxes-GDP" ratio will amount to 21.3%, which by 1 percentage point will surpass the figures of the last two years. This is consonant with the five-year program of the government, according to which an improvement of 2.5% of the ratio of "taxes-GDP" is envisaged. In the next two years, the improvement will be 2 percentage points. True, this will happen only if there are no legislative influences. Of the total amount of tax revenues of 1, 249 trillion drams, it is planned to receive 1.217 trillion drams by improving the quality of administration and business environment, and 30.2 billion drams - through legislative changes.

It is planned to collect 10 billion drams through legislative changes. Through the excise tax is provided to collect 16.74 billion drams, from vodka sales - 1.86 billion drams, cigarettes - 4.67 billion drams, gasoline and diesel fuel - 1.93 billion drams, liquefied gas - 7.35 billion drams. At the same time, the taxes on VAT will decrease by 3.83 billion drams. As of today, AMD 49 billion has already been paid on VAT refunding to exporters. Vakhtang Mirumyan stressed that in the first nine months of 2017 tax revenues to the state budget of Armenia increased by 49.1 billion drams, 6.3% more than the planned level. At the same time, as a unit of account, refunds of value-added tax are not accepted for offset by exporters. Taking into account this factor, the actual additional revenues amount to 74.5 billion drams, which is 9.5% higher than the approved figure. In addition, 40.5 billion drams and 34 billion drams have been collected through the taxation line through customs payments.

Note that the nominal GDP of Armenia in 2018, according to the draft budget for next year to grow by 441 billion -. With 5,409.1mlrd to laid down in the draft 5,850.7mlrd AMD expected by the end of 2017.  Economic growth in 2018 is planned at the level of 4.5% or $ 11,948.9 million. Forecasts of economic growth for next year largely due to the positive dynamics in the current year as a result of which the

Ministry of Finance raised its forecast for economic growth at the end of 2017 with a planned 3, 2% to 4.3%. In the matter of ensuring economic growth, one of the locomotives is promised by industry and the services sector. So, 4.5% of GDP will be provided at the expense of industry 1.1%, agriculture - 0.6%, services - 2.2%, net indirect taxes - 0.4%. 12-month inflation by the end of 2018 will be 4%, instead of expected in 2017, 2.4% and actual -1.1% at the end of 2016. Exports will reach 37.4% of GDP, against the projected in 2017 37% and 33.1% in 2016. The consolidated budget of Armenia for 2018 in terms of revenues will make 1.307.3 billion drams (without the receipt of interbudgetary transfers). The deficit / GDP will be 2.7%, instead of the forecasted 3.2% by the end of this year. and 5.5% in the end of 2016 - 156.9 billion drams, 150.1 billion and 284.7 billion drams, respectively. According to the expenditure expected to 1, 464.2 billion drams (1,360.1 MRD in 2017 year and 1,420.6 billion in 2016), of which capital expenditure will amount to 172.4 billion. AMD instead of last year's 98.6 billion drams and 160 bln 2016 year. Capital expenditures will be mainly implemented through external borrowing and invested in road construction, irrigation systems and the energy sector of the country. By the end of 2018, the national debt, compared to the current year, will grow to over $ 7.1 billion and account for 60% of GDP.