Armenia`s tax revenues 15.4% up last year 

ArmInfo.In 2023, Armenia's State Revenue Committee ensured tax revenues totaling AMD 2,200bln  (over $ 5.460bln), which was AMD 296bln or 15.4%, Committee Chairman Rustam Badasyan stated as he presented the 2023 report to Armenia's Premier Nikol Pashinyan. 

He emphasized that compared to 2017, state budget revenues almost  doubled. It was noted that based on the results of the previous year,  it was possible to improve the ratio of taxes to GDP by 0.5  percentage points, as was included in the government program. An  increase was recorded for all types of taxes, with the exception of  royalties, which are payments for the use of natural resources, which  is mainly due to international prices for metals. The Prime Minister  was informed that about 362.9 billion drams were returned to  taxpayers and individuals, which exceeds the previous year by 100.1  billion drams or about 38.1%. The VAT refund amounted to 288.4  billion drams, exceeding the 2022 figure by 75.4 billion drams or  35.4%. Notably, the majority of the income tax refund comes from  mortgage repayments.

According to settlement documents (including cash receipts), 648.7  million transactions worth AMD 12,200bln were carried out, exceeding  the previous year by 45 million transactions and AMD 2,100bln.

According to the government press service, the prime minister was  presented with the work and reforms implemented in the customs system  in 2023. In particular, it was noted that as a result of simplifying  the transit declaration procedure, instead of submitting a transit  declaration for each unit of consolidated cargo, it is now possible  to submit a single declaration for the entire cargo. As a result,  according to the SRC, the time spent on preparing the declaration  compared to the old system was reduced by approximately 40%.  Over  the past year, the preliminary customs declaration system has also  been improved.

In the context of plans to modernize border checkpoints, it was noted  that in 2023, reconstruction of the Meghri checkpoint, as well as a  major overhaul of the Bagratashen checkpoint, began. Construction  work at the Margara checkpoint has been completed, and ongoing  repairs have also been carried out at the Gogavan checkpoint.

Then work in the field of information technology and international  cooperation, the process of introducing a system of universal  declaration of income of individuals were presented. Regarding the  latter, it was reported that work on programming the system is  planned to be completed in March.

Badasyan said that in the near future a system for recording goods in  customs control zones will also be introduced. And in order to  regulate the taxi service sector, an electronic platform will be  created, the launch of which is scheduled for September 1, 2024.

In terms of international cooperation, important achievements have  also been recorded, in particular, Armenia has joined the new  international standard developed by the Organization for Economic  Cooperation and Development (OECD) for the automatic exchange of  information on crypto assets, as well as the system for the automatic  exchange of financial accounts: exchange of information between tax  authorities will be implemented from 2025. Armenia also became a  co-chair of the Asia Initiative for the period 2024-2026. And in  order to expand the capabilities of the dog-training center of the RA  State Revenue Committee, a new building of the Center was built with  the support of the United States.