YEREVAN, March 20. /ARKA/. The amount of taxes collected by Armenia’s State Revenue Committee in the first quarter of 2020 is by 15-16% or 40-45 billion drams more than in the first quarter of 2019, the head of the State Revenue Committee David Ananyan told a news conference.
He said the growth resulted largely from last year’s pace. He added the coronavirus outbreak has created a string of economic problems. Consequently, the growth rate that existed at the beginning of the year, is now slowing down.
Ananyan added that because of the outbreak of the coronavirus, the government will not be able to collect as much revenue as projected by the 2020 budget.
“We are doing everything so that tax administration and partnership with entrepreneurs are maintained. We are ready for all scenarios and we have both sources and opportunities to attract finance that will mitigate the expected fiscal consequences,” he said.
The 2020 budget projects 4.9% growth and 4% (± 1.5%) inflation. It calls for 1.69 trillion drams in revenue, and 1.85 trillion drams in spending. The projected budget deficit is 160.7 billion drams. ($1 – 492.22 drams.)