Armenian SRC denies MP’s statement that none of metal mining companies pay profit tax

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YEREVAN, January 21. /ARKA/. Armenia’s State Revenue Committee (SRC) has denied today a statement by parliament member Sergey Bagratyan that metal mining companies did not pay profit tax.

Sergey Bagratyan, who headed an ad hoc parliamentary commission to investigate the situation at metal mines, told the parliament on Tuesday that none of 30 registered metal mining companies in Armenia paid profit tax.

According to the State Revenue Committee, out of 28 companies licensed to develop metal mines in Armenia, 8 were active in 2019, and their number increased to 9 in 2020.

The SRC said although not all of these economic entities operate with profit, nevertheless, the share of all active taxpayers engaged in mining activities in 2018 accounted for 10.9% of the profit tax declared by all taxpayers. In 2019 this figure rose to 11.1%.

The SRC said also that the Zangezur Copper-Molybdenum Combine was the largest profit tax paying company in Armenia both in 2018 and 2019.

“Consequently, the allegations that this company is operating with losses are not true,” the SRC said.

The SRC also noted that taxpayers must submit their profit tax reports for 2020 by April 20, 2021 inclusive.

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