Armenian banking system`s tax payments doubled last year 

ArmInfo. In 2023, the banking system of Armenia doubled tax payments to the state treasury - up to AMD 123.5bln ($305 million), of which AMD 71.5bln were for direct taxes (with an annual increase of 39.7%).

Moreover, the share of the top five banks accounts for 66.2% of tax  deductions. They sent AMD 87.1bln to the state treasury through taxes  (an annual jump of 2.4 times), of which AMD 74.8bln were direct taxes  (an annual jump of 2.5 times).

Among banks in terms of the volume of taxes paid, as in the previous  year, Ameriabank is the leader, jumping to 7th position (from 24th a  year earlier). The bank allocated AMD 25.7bln to the state budget, of  which AMD 22.8bln as direct taxes.

Next, Ardshinbank jumped to 8th position (from 29th a year earlier),  paying AMD 24.8bln, of which AMD 23.6bln as direct taxes.

This is followed by: ACBA Bank - 17th position (versus 28th a year  earlier), which paid AMD 13.2bln, of which AMD 11.6bln as direct  taxes;

INECOBANK ranked 24th (versus 50th a year earlier), paying AMD  9.8bln, of which AMD 9.1bln - in direct taxes; and Evocabank closes  the top five large taxpayer banks - 29th position (versus 170th a  year earlier), which paid AMD 8bln, of which AMD 7.6bln as direct  taxes.

At the end of 2023, 14 out of 18 operating banks were included in the  top hundred largest taxpayers in Armenia (compared to 9 a year  earlier). In particular, Converse Bank ranked 33rd (AMD 7.7bln, of  which AMD 7.1bln as direct taxes), IDBank, AMD 46th (AMD 6.3bln, of  which AMD 5.7bln are direct taxes), Araratbank ranked 52nd (AMD  5.8bln), of which AMD 5.2bln as direct taxes), HSBC Bank Armenia,  55th (AMD 5.4bln, of which AMD 4.6bln as direct taxes),  Armeconombank, 70th (AMD 4.bln, of which AMD 3.9bln as direct taxes),  Unibank, 76th (AMD 4bln, of which AMD 3.1bln as direct taxes), VTB  Bank (Armenia), 81st (AMD 3.9bln, of which AMD 3.2bln as direct  taxes), AMIO Bank (formerly called Armbusinessbank), 85th (AMD  3.5bln, of which AMD 2.7bln as direct taxes), Fast Bank, 93rd place  (AMD 3.2bln, of which AMD 2.7bln).

Only Armswissbank is included in the second hundred of large  taxpayers in Armenia, 106th, with its tax payments totaling AMD  3.1bln, of which AMD 2.9bln as direct taxes.

The list of 1,000 large taxpayers in Armenia also includes Mellat  Bank, 306th (AMD 1bln billion drams, of which AMD 963.1mln as direct  taxes) and Byblos Bank Armenia, 328th (AMD 941.2mln, of which AMD  807.1mln as direct taxes).

Out of the 18 banks operating in Armenia, Artsakhbank was not  included in the list of 1,000 large taxpayers at the end of 2023, as  well as in 2022 and 2021. Before this, Artsakhbank always appeared on  this list, in particular, in the first half of 2021 it ranked 710th,  with a tax payment of AMD 122.6mln to the state budget. 

As a comparison, we note that in 2022, the Armenian banking system  increased tax payments to the state treasury by 16%, up to AMD  60.2bln ($152.8mln), of which AMD 51.1bln were paid in direct taxes,  with an annual increase of 14%. (The calculated dram exchange rate as  of December 31, 2023 was AMD 404.79mln/$1, against AMD 393.57/$1 as  of December 31, 2022).