State budget tax revenues increase by 70.8 billion AMD

On September 11 the State Revenue Committee has submitted the draft on eliminating the VAT for import of any production machinery and raw materials to Armenia for the Parliament’s discussion.

Vice Chairman of the State Revenue Committee Vakhtang Mirumyan said this initiatives aims at improving the investment environment and providing the businessmen with additional resources.

“Guided by the government’s program, the State Revenue Committee has initiated reforms within a year that aimed at not only expanding the tax privileges for improving the business environment, but also facilitating the customs procedures and fighting against shadow”, Vakhtang Mirumyan told reporters.

He said thanks to the consistent work aimed at cutting the volumes of shadow economy, it was managed to ensure more than 1 trillion 139 billion AMD tax and customs revenues from September 2016 to August 2017 which is an increase of 6.6% compared to the same period of the previous year.

“In other words, over the past year the tax revenues of the state budget have increased by more than 70.8 billion AMD compared to the same period of the previous year. Moreover, the revenues from non-VAT returns have comprised more than 1.08 trillion AMD which exceeds the same period of 2016 by 6.2% or 62.9 billion AMD”, he said.