Tax collection grows in January

In January 2017 state budget incomes of Armenia comprised AMD 84 billion 236.9 million compared with previous year’s AMD 75.9 billion. Budget incomes have grown by 11%.

From which: tax incomes have grown by 8.9% compared with January 2016. Taxes and fees amounting AMD 80.28 billion have been collected from economy in the period of the first month of the year.

The biggest income source is VAT. VAT comprising AMD 33.07 billion has been collected in January, which exceeds index of January 2015 by 6.5%.

Collection of income tax has grown by 3.1%, thus, comprising AMD 23.2 billion.

Profit tax recorded decline by 30.8%: in January 2016 state budget was supplemented by AMD 4 billion 675.9 million in January 2016.

The excise tax is the fourth biggest article. Excise tax collection has sharply grown, thus, comprising AMD 6.9 billion.

The point is that pursuant the Tax Code, adopted last year, provision on excise tax has come into force from 1 January 2017. In particular, rates for production of cigarettes and vodka are conformed to those of EEU member countries, as Armenia has assumed that liability. Accordingly, it’s planned to review excise tax rates for cigarettes, vodka, as well as some fuel types in the period of 2017-2021.