Head of SRC of Armenia announced new absolute record

ArmInfo.Tax collections of the state budget of Armenia in January- October 2021, compared to the same period last year, increased by 12.7%. Chairman of the State  Revenue Committee (SRC) of the Republic of Armenia Rustam Badasyan  announced this on November 2 at the preliminary hearings of the state  budget for 2022.

"In January-October 2021, compared to the same period in 2020, the  absolute growth of tax revenues is about 144 billion drams, 12.7%  more taxes were collected," Badasyan said.

According to him, in January-September, the number of registered jobs  (with a tax base) amounted to 651,141. "This is an absolute record in  history. We have never had such an active taxpayer. The average  salary is 223,137 drams, the total tax base is 145.294 billion  drams," Badasyan said.  To note, tax revenues (tax collections and  state duties) in 2021 were fixed at 1 trillion 440 billion 136  million 839.5 thousand drams. However, during the first half of the  year, the financial authorities revised their expectations - by about  80 billion drams, increasing the program indicator - up to 1 trillion  601 billion drams.

In the draft law of the state budget for 2022, the financial  authorities, due to the expected economic growth of 7%, risked  suggesting that the tax collections of the state treasury will exceed  both the established and adjusted upward indicator for the current  year. Thus, the draft state budget forecasts an increase in tax  revenues (tax collection and state duty) for all 404 billion drams.  In absolute terms, tax collections will amount to 1 trillion 843.8  billion drams (up to 23.4% of GDP), instead of 1 trillion 581.0  billion drams (22.5%) expected by the end of 2021.

Thus, 94.7% of all state budget revenues (1 trillion 946.2 billion  drams, 24.7% of GDP) will be provided by tax revenues, 1.8% by  official grants and 3.2% by other revenues. Official grants, which  Armenia is applying for next year, will amount to about 40.3 billion  drams, or approximately 81.6 million US dollars, against 24.3 billion  drams laid down by the state budget for the current year and the  actual 12.4 billion drams last year.

In 2022, the revenues of the state treasury of Armenia, compared with  the approved state budget for 2021, will grow by about 437 billion  drams, or 28.9%, expenses - by 337.5 billion drams. Accordingly, the  deficit of the state treasury will be reduced by 99.2 billion drams  or 29% and will amount to 242.2 billion drams or 3.1% of GDP.