Wednesday, November 29 2017 21:31
Alina Hovhannisyan

SRCA: Large business increased tax allocations for 10 months in 2017 by 16%, providing 61% of state budget revenues

ArmInfo. According to the  State Revenue Committee of Armenia, large and medium-sized taxpayers  for 10 months of 2017 increased tax deductions to the state budget by  9.2% per annum or by 37 billion AMD, providing a volume of 437  billion. This amounts to 61% of the total tax revenue of the budget.  This was reported by the press service of the SRC.

Taking into account the changes in the dynamics of overpayments (from  6.3% growth for 10 months in 2016 to 19.2% decline for the reporting  period), the rate of growth of tax deductions is 2 times higher - by  62.3 bln drams or 16%. At the same time, it was possible to reduce  tax liabilities by 31.5% or 5 billion drams.

According to the source, tax revenues provided by bona fide taxpayers  increased by 7% with an increase in turnover by 11%, whereas for  taxpayers from the risk group, the growth of these indicators was 20%  and 27.7%, respectively.

"The growth of income tax and income tax collections is noteworthy,  which indicates an improvement in the economic environment of the  business," the SRC said in an official statement. In particular, the  income tax charges increased by 17.2% or 10.4 billion drams. Tax  revenues for VAT increased by 5 billion drams.

In 57 spheres, tax revenues increased by 53.6 billion drams or 18.6%,  in particular in the mining sector, supermarkets, services,  manufacturing, import and trade. According to 502 taxpayers, tax  deductions to the budget decreased by 56.2 billion drams, while 584 -  by contrast, increased by 93 billion drams or 48.6%.

The SRCA noted that in January-October 2017, due to tax inspections,  the volume of declared amounts increased by 1.8 billion drams or by  24.6%.

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