Armenia’s State Revenue Committee fully ensures projected AMD 680.3-billion tax revenue for Jan-June

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YEREVAN, July 23. /ARKA/. The State Revenue Committee of Armenia fully ensured the projected tax revenue indicator of for January-June in the amount of 680.3 billion drams, Chairman of the State Revenue Committee of Armenia Eduard Hovhannisyan said Wednesday, presenting a report on tax collection for the first half of 2020.

He recalled that, taking into account the pandemic, the government has made adjustments to the budgetary indicators, according to which tax revenues are projected at 680.3 billion drams.

In his words, 622.2 billion drams were collected only as taxes and duties in 2020, while for the same period of 2019 this figure was 602.8 billion drams, which is 19.4 billion drams less than the indicator of 2020 year.

As for customs receipts, they amounted to 160.4 billion drams in Jan-June 2019, and to 123.4 billion drams in the first half of 2020, which is 37 billion drams less.

Hovhannisyan compared data for 2020 and 2019 and pointed out the factors that influenced the collection rate this year.

In particular, he pointed out that economic entities were exempted from paying an advance payment of profit tax in the second quarter of 2020 (the economy was forgiven AMD 32 billion), and the volume of car imports of 2019 was not recorded this year (receipts from customs duties on the import of cars in 2019 amounted to about 25 billion drams).

In addition, in the first half of the year, business entities were paid a higher amount of VAT and income tax refunds allocated to repay interest on mortgage loans (in the first half of 2019, AMD 50.4 billion, and in the first half of 2020, AMD 65.3 billion).

The chairman of the State Revenue Committee noted that the economic decline caused by the coronavirus pandemic had an impact on tax revenues.

Nevertheless, he assured that the process of collecting tax revenues this year is generally under control.

“We focused our steps on the fight against the shadow economy, increased tax control, targeted administration in relation to those taxpayers who are at risk ($ 1 – 483.7 AMD).

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