Thursday, February 14 2019 17:25

ArmInfo. In 2018, the banking system of Armenia increased tax payments to the state  treasury by 21.2% to 48.6 billion drams ($ 100.5 million). Of this  amount, 91% or 44.2 billion drams were paid in direct taxes, with a  y-o-y growth of 23.8%.

According to the State Revenue Committee of the Republic of Armenia,  in the first hundred of the largest taxpayers in Armenia, according  to the results of 2018, out of 17 operating banks, 12 fell (just like  a year earlier). Among them, Ameriabank, ACBA-Credit Agricole Bank,  INECOBANK, Ardshinbank and VTB Bank (Armenia) were in the top five of  taxpaying banks, four of which were in the top five last year. In  2018, the first five banks sent 25.7 billion drams to the state  treasury on the line of taxes (y-o-y growth of 26%), of which 23.6  billion drams of direct taxes (y-o-y growth of 27.6%).

The leader among banks in terms of taxes paid - Ameriabank ranked  22nd (against 32nd a year earlier) in the list of major taxpayers,  sending 6.1 billion drams to the state budget, of which 5.8 billion  drams are direct taxes (including profit tax and income tax). Then  follows: ACBA-Credit Agricole Bank - 24th place (against 30th year  before), paid 6.02 billion drams, of which 5.4 billion were direct  taxes, INECOBANK - 31st place (against 44th year before), paid 4.9  billion drams, of which 4.6 billion - direct taxes, Ardshinbank -  36th place (against the 26th a year earlier), paid 4.6 billion drams,  of which 4.3 billion drams - direct taxes. This time, the top five  banks of major taxpayers are closed by VTB Bank (Armenia), which took  38th place (against the 29th a year earlier) and paid 4.1 billion  drams, of which 3.5 billion was in direct taxes.

The first hundred large taxpayers also included Armbusinessbank -  39th place (4.09 billion, of which 3.7 billion - for direct taxes),  Converse Bank - 48th place (3.5 billion, of which 3.3 billion - for  direct taxes), Armeconombank - 66th place (2.6 billion, of which 2.3  billion - on direct taxes), Unibank - 74th place (2.3 billion drams,  of which 1.9 billion dram - on direct taxes), Araratbank - 81st place  (2.15 billion drams, of which 1.9 billion are in direct taxes,  Armswissbank is 83rd (2.11 billion, of which 2.07 million is in  direct taxes), and HSBC Bank Armenia is in 98th place (1.8 billion  drams, of which 1.6 billion direct taxes ).

The second hundred major taxpayers in Armenia were IDBank (the former  Anelik Bank) - 107th place (1.5 billion, of which 1.1 billion - on  direct taxes), Evocabank - 142nd place (1.2 billion drams, of which  1.1 billion - on direct taxes), Mellat Bank - 192 place (867.5  million drams, of which 840.9 million drams - on direct taxes). The  list of 1,000 major taxpayers in Armenia also includes Byblos Bank  Armenia - 297th place (534.4 million drams, of which 438.6 million  drams are for direct taxes), and Artsakhbank - 664th place (219.6  million drams, of which 206.5 million for direct taxes ).

To note, in 2017, Armenian banks deducted 40.1 billion drams in taxes  from the state treasury (with an y-o- y growth of 16.6%), of which  more than 89% or 35.7 billion were paid in direct taxes (with a y-o-y  growth of 18.6%) .

According to the Financial Rating of Banks of Armenia, as of January  1, 2019, prepared by ArmInfo IC, the cumulative accumulated profit of  the banking system was 176.5 billion drams, with a y-o-y growth of  18.3%. The top five leaders in terms of accumulated profits are  Ameriabank, ACBA-Credit Agricole Bank, INECOBANK, HSBC Bank Armenia  and Araratbank. In 2018, the banking system ended up with a balance  sheet profit of 80.3 billion drams (an y-o-y increase of 81.9%),  after paying taxes on which net profit of 62.2 billion drams was  secured with a y-o-y increase of 78.7%. For the Q4 of 2018 alone the  net profit of the banking system fell by 29.9%, making 10.5 billion  drams. (The settlement exchange rate of dram to dollar as of December  31, 2018 was 483.75 drams / $ 1).