According to a study by consulting firm Modex, Armenian IT companies among the country’s top 1,000 taxpayers contributed 64 billion drams to the state budget from January to September 2024, which is 1.4 billion drams (over $3.6 million) less than in the same period last year.
A total of 79 IT companies made it to the ranking of top taxpayers, accounting for 4.1% of all tax revenues monitored by Armenia’s State Revenue Committee. The total profit tax paid by these companies was 10.7 billion drams (over $27.5 million), with Synopsys Armenia leading by providing 12% (1.3 billion drams, or about $3.3 million) of the sector’s total profit tax.
Notably, nine out of the twenty largest IT taxpayers reported a decrease in tax contributions, with Veeam Armenia, DataArt, VMware, and EPAM experiencing the most significant declines, attributed to both lower income tax payments and, in part, reduced profit tax.
Modex experts highlighted that tax contributions for each company were calculated as the difference between the total amount paid to the state budget and the refunded amounts for VAT and excise tax via the unified account.
Earlier, BMG reported that Armenia’s State Revenue Committee published a list of the country’s top 1,000 taxpayers for January-September 2024.
According to the data, the Zangezur Copper-Molybdenum Combine (ZCMC) topped the list, contributing $215.5 million to the state budget. Compared to the same period last year, the company’s tax payments increased by $80 million.
Overall, the top 1,000 taxpayers contributed more than $3.4 billion to the state budget from January to September 2024, an increase of $147 million compared to the same period last year.
