Friday, November 1 2019 20:32
Alina Hovhannisyan

Armenian insurance sector continues to reduce tax payments to state  treasury

Armenian insurance sector continues to reduce tax payments to state  treasury

ArmInfo. In January-September 2019, the insurance sector of Armenia paid taxes at  1.211 billion drams or $ 2.5 million, which is 25% lower than the  indicator a year ago. Of this amount, 1.2 billion drams accounted for  direct taxes (including income tax and income tax), with an annual  decline of 14.3%. According to the RA State Revenue Committee,  according to the results of 9 months of 2019, 4 out of 6 insurance  companies operating in the Armenian market were included in the list  of 1000 largest taxpayers of Armenia.

The list was headed by IC "Rosgosstrakh Armenia", which took 242nd  place (against the 207th year earlier), having paid 527.8 million  drams to the state budget, of which 481.5 million drams - for direct  taxes.

IC "INGO Armenia", which took 351st place (against the 270th one year  earlier), replenished the state budget by 364.5 million drams, of  which 164 million drams - on income tax. "Sil Insurance" IC took the  666th place (versus 679 the year before), having paid 185.5 million  drams, of which the amount of income tax amounted to 69.6 million  drams. RESO Insurance Company - 921st place (versus 728th a year  earlier), having paid 133.7 million drams, of which the amount of  income tax and income tax amounted to 112.7 million drams.

According to the ranking of Armenian Insurance Companies prepared by  ArmInfo IC, the insurance sector completed 9 months of 2019 with a  net profit of 1.4 billion drams (85% annual growth), which after  taxes paid net profit of 1.1 billion drams (annual growth 3 times).  By October 1, at a positive level, this indicator was recorded in 5  out of 6 operating companies. Four companies provided an annual  increase in net profit, while the other two sank, with one lingering  in the red. The first place in terms of net profit was taken by Nairi  Insurance IC with an indicator of 439.4 million drams (2-fold annual  growth), second place - INGO Armenia IC - 327.5 million drams (42.7%  annual growth), third place - Armenia Insurance IC - 190.1 million  drams (annual a decrease of 0.2%), the fourth - RESO IC - 173.7  million drams (15 times annual growth), the fifth - Sil Insurance ICs  - 41.5 million drams (2.2 times annual growth with exit from minus  plus). According to the results of 9 months, the loss was recorded by  Rosgosstrakh Armenia IC - 53.6 million drams (with an annual decrease  of 22.8%). A year earlier, INGO Armenia IC was the leader in net  profit in the same period, followed by Nairi Insurance, Armenia  Insurance and RESO, and the loss was recorded by Sil Insurance and  Rosgosstrakh Armenia. (Estimated rate of dram on 09/30/19 amounted to  475.97 dr / $ 1).

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