ArmInfo. The Minister of Finance of Armenia explained the reasons for the unprecedented tax arrears of more than $500 million.
, - the head of the department Vahe Hovhannisyan said on December 25 at the final press conference.
When asked whether those who plan the budget are to blame for the tax arrears of about 200 billion drams, Vahe Hovhannisyan said that the department he heads is engaged in planning, not fortune-telling. And there is always a chance to deviate slightly from the original plan. It is for these cases that the reserve fund is provided. Thus, this year, out of approximately 130 billion drams of the reserve fund, more than 50 billion drams were allocated for fiscal buffers. Currently, about 20 billion drams have been spent. At the same time, the head of the Ministry of Finance believes that the current rate of tax collection is in line with the rate of GDP growth.
According to the Ministry of Finance, the revenues of the state treasury of Armenia amounted to 2 trillion 268.9 billion drams in January-November 2024. Compared to the same period last year, the figure increased by 9.6% or 199.2 billion drams. The expenditures of the state budget of the Republic of Armenia amounted to 2 trillion 501.1 billion drams. Compared to the same period last year, the figure increased by 17.3% or 368.7 billion drams. During the reporting period, the deficit amounted to 232.2 billion drams compared to 62.7 billion drams for the same period in 2023.
However, as it became known, the financial authorities previously adjusted their expectations for the main macroeconomic indicators for 2024. Thus, in the law , by the end of the current year, the state treasury of Armenia, with a GDP growth of 5.8% (today the head of the Ministry of Finance announced a figure of 5-5.5% - ed.), compared to the program indicator for the current year, will lose revenues in the amount of 130 billion drams, the shortfall in tax revenues and state duties will amount to 157.8 billion drams. State budget expenditures will be cut by 130.5 billion drams. Current expenditures are planned to be reduced by 74 billion drams. Expenditures on non-financial assets are expected to fall by 56 billion drams - to 639.3 billion drams. As a result, the only constant is a deficit of 482.9 billion drams.
