Armenia is experiencing significant growth in formal employment and tax revenue, announced Rustam Badasyan, Head of the State Revenue Committee (SRC) of Armenia, during a parliamentary discussion on the 2025 state budget on November 4.
According to data presented by the SRC Chair, the number of registered employees reached 768,547 in September 2024, an increase of 42,491, or 5.9%, compared to the same period last year.
In the first nine months of 2024, tax revenue totaled approximately $4.55 billion, up by $290.7 million, or 6.8%, from the same period in the previous year. Badasyan noted that this positive trend is expected to continue through the end of the year, with further improvements projected.
Earlier, BMG reported that experts view the SRC's tax revenue growth data as debatable, given the absence of information on the shortfall from the targeted tax collection for the current year.
According to Armenia’s Ministry of Finance forecasts, the tax revenue shortfall for 2024 may exceed 100 billion drams (over $250 million).
