According to data from the consulting firm Modex, 80 IT companies included in Armenia’s list of the top 1,000 taxpayers contributed $211.5 million to the state budget in 2024, marking a $1.13 million increase compared to the previous year.
The study revealed that IT companies accounted for 3.5% of all tax revenues overseen by Armenia’s State Revenue Committee. The total corporate income tax paid by technology companies amounted to $30.1 million, with Synopsys Armenia leading the sector by contributing 11.6% of the total corporate income tax in IT ($3.5 million).
Interestingly, nine of the 20 largest taxpayers in the IT sector reported a decline in tax contributions. The most significant drop was recorded by Veeam Armenia, primarily due to reduced income tax payments.
Earlier, BMG reported that Armenia’s State Revenue Committee published the list of the top 1,000 taxpayers for 2024, with total tax contributions reaching approximately $4.44 billion, a modest increase of $150 million compared to 2023.
