From January to September 2024, approximately $4.37 billion in tax revenues were collected, according to Armenia's State Revenue Committee (SRC).
The SRC released data on tax and customs revenues for the first nine months of 2024. According to the SRC’s press service, there was a significant increase in tax revenues, while customs revenues showed a decline.
The tax authority reported that from January to September 2024, approximately $4.37 billion in tax revenues were collected. This figure represents a 12.5% increase, or $486 million more than in the same period last year.
On the other hand, the customs authority collected $802 million, which is 16.3% or $157 million less compared to the previous year. This decline could be attributed to changes in external trade dynamics.
Experts believe this decrease is linked to shifts in foreign trade, particularly the sharp drop in car imports and their re-exports to Russia. This sector had become a key source of budget revenue in 2022, following the imposition of sanctions against Russia. During that time, Armenia emerged as a leader in re-exporting used European and American cars to Russia.
The SRC also reported that $625 million was refunded to taxpayers and individuals, marking an 8.2% decrease compared to last year. This amount does not include $127.5 million in mortgage loan refunds.
In total, tax and customs authorities collected $5.17 billion, with $625 million refunded. As a result, the actual tax revenues amounted to $4.54 billion, reflecting a 9.3% or $386 million increase from last year.
Earlier, BMG reported that despite high economic growth, the country might face the risk of falling short on tax revenues in 2024. According to Ministry of Finance forecasts, the shortfall could exceed 100 billion drams (over $250 million).
