ArmInfo. For the third year consecutive year, the Zangezur Copper and Molybdenum Plant tops the list of 1000 major taxpayers in Armenia, according to data from the State Revenue Committee. In 2024, the company contributed approximately 102 billion AMD to the state treasury, marking a 44% annual increase.This amount included 2.2 billion drams in customs duties, 30.2 billion drams in direct taxes (including profit tax, income tax), and 2.7 billion drams in indirect taxes (including VAT, excise tax). Moving up from fourth place to second place is the Mobile Center Art, which paid 66.7 billion AMD to the state treasury (an annual growth of 21%). Of this amount, 1.3 billion drams were customs duties and 61.5 billion drams were VAT. JV Grand Tobacco claimed the third spot on the list down from second place the previous year, contributing 63.3 billion AMD to the state budget (with an annual growth of 31%), of which 3.7 billion were customs duties and 56.6 billion were indirect taxes.
Gazprom Armenia CJSC dropped to fourth place from third the previous year, having contributed 46.5 billion AMD to the state budget (with an annual growth of 2%). This amount includes 157.7 million in customs duties, 6.4 billion in direct taxes (including profit tax, income tax), and 38.7 billion in VAT. By the end of 2024, the top five leaders, like in 2023, were led by Pretty Way LLC (Vesta electrical and household appliances store), which paid 36.3 billion AMD to the state treasury (with an annual growth of 9%), of which 28.9 billion - in customs duties, 7.1 billion - in direct taxes.
In total, the top five paid 315.4 billion drams or $795.3 million in taxes to the state budget showing an annual growth of 24.1%. Of this amount 54.5 billion was paid in direct taxes (with an annual growth of 25.3%), and 106.7 billion was paid in indirect taxes (with an annual decrease of 31%). After the top 5, the next five companies in the top ten include CPS Energy Group (moving up from 9th to 6th position in a year), Ameriabank (maintaining 7th position, the same as in 2023), Wildberries (dropping from 6th to 8th position in a year), International Masis Tabak (rising from 12th to 9th position in a year) and JTI Armenia (remaining in 10th position, the same as in 2023).
According to the State Revenue Committee, the 1,000 largest taxpayers in Armenia paid a total of 1.772 trillion AMD ($4.4 billion) to the state treasury in 2024, which is 3.6% higher than the figure for the previous year.
Let us recall that according to the 2023 results, the TOP-5 also included Zangezur Copper and Molybdenum Plant CJSC, Grand Tobacco JV, Gazprom Armenia, Mobile Center Art, and Pretty Way LLC. In total, the top five paid 254.1 billion drams or $627.8 million in taxes to the state budget in 2023 (a 12% annual decline), of which 43.5 billion were direct taxes (a 32.8% annual decline) and 159.7 billion drams were indirect taxes (a 50.1% annual growth). (The calculated exchange rate of the dram against the US dollar as of 12/31/24 was AMD 396.56/$1, compared to AMD 404.79/$1 as of 12/31/23).
