1,633 IT startups receive tax benefits in Armenia at year-end

ArmInfo. In 2023, 1,716 organizations and private  entrepreneurs submitted applications for tax benefits in the IT sector, of which about 80% were approved. In total, since 2015, 4,133 IT companies have received tax benefits.

According to the Ministry of High-Technological Industry, as a result of legislative changes, the provision  of state support for tax benefits to technology companies has been extended for another year (until  December 31, 2024 inclusive), but benefits will be provided only for incomes in the amount of 10% of the  tax. According to the decision of the government on December 21 of this year, these steps are aimed at opening  new business entities and new jobs in the IT sector, which will be a stimulus for increasing the productivity  and competitiveness of the economy of the Republic of Armenia, develop a knowledge-based economy,  form an information society, attract foreign investment, export products and services of local companies  and a global increase in Armenia's market ranking as a country with a developed high-tech sector. 

According to the data of the Statistical Committee, Armenia's information and telecommunication  technologies (ICT) sector accelerated its growth rate from 65% to 67.3% in 9 months, providing 649.6  billion drams ($1.7 billion) in revenue.