Thursday, April 1 2021 12:43
Naira Badalian

Armenian tax officials report over-fulfillment of quarterly tax  collection plan: Finance Ministry promises to take new heights

Armenian tax officials report over-fulfillment of quarterly tax  collection plan: Finance Ministry promises to take new heights

ArmInfo. The revenues of the state budget of Armenia for the first quarter of 2021 exceeded by more than 20 billion drams. This was stated by the Prime Minister of the  Republic of Armenia Nikol Pashinyan at a meeting of the Government of  the Republic of Armenia on April 1.  

According to him, the volume of  trade turnover in January-March of this year increased by more than  8% compared to the same period in 2020, while March recorded an  increase of more than 20% compared to March of last year. "The  indicators are quite good for the post-war, crisis year," Pashinyan  said, thanking taxpayers and tax officials.

Thus, according to the chairman of the State Revenue Committee of  Armenia, Edward Hovhannisyan, in March of this year alone, compared  to March of 2020, the number of transactions on cash receipts and  settlement documents increased by more than 8 million 640 thousand  units or by 122 billion drams. In the quarterly context, the  difference in sales turnover amounted to 116.8 million drams (6.2  million more transactions). As a result, the actual fees of the state  treasury for the first quarter reached 332.9 billion drams, instead  of the planned 305 billion drams. As the chief tax officer explained,  taking into account that 5.6 billion drams of the specified amount  are receipts from excise payments, the actual over-fulfillment  amounted to 22.3 billion drams.

First Deputy Finance Minister Karen Brutyan, in turn, noted that  based on the existing circumstances, the financial department expects  to exceed the annual tax collection plan by about 40 billion drams.   "With this in mind, the Ministry of Finance will make a proposal to  adjust the figure recorded in the state budget from 1 trillion 440  billion drams to 1 trillion 480 billion drams," Brutyan said.

It should be noted that according to the approved state budget for  2021, the revenues of the state treasury in the current year are  programmed in the amount of 23.6% of GDP and amount to 1,509. 5  billion drams, of which tax revenues and state duties amount to  1,440. 1 billion drams. The share of the latter in GDP is 22.5%. The  deficit of the state budget of the Republic of Armenia for 2021 is  programmed at the level of 5.3% of GDP and is 341.4 billion drams, of  which 138.7 billion drams are internal sources and 202.7 billion  drams are external sources. Based on the projected revenue level of  the state budget of the Republic of Armenia in the amount of 23.6% of  GDP and based on the possibility of financing the deficit in the  amount of 5.3% of GDP, the Government of the Republic of Armenia  plans to provide expenditures in the amount of 1.850.9 billion drams  or 28.9% of GDP in 2021. Current expenditures will amount to AMD  1,634. 6 billion, or 25.6% of GDP. Expenditures on operations with  non-financial assets are projected at 216.3 billion drams, or 3.4% of  GDP.

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