The Armenian Ministry of Finance forecasts that the tax-to-GDP ratio in 2024 will surpass the target level. This announcement was made by Finance Minister Vahe Hovhannisyan during the discussion of the 2025 state budget draft in the Standing Committee on Financial-Credit and Budgetary Affairs of the National Assembly on November 6.
According to the minister, due to trends in economic growth and effective tax administration, the tax-to-GDP ratio is expected to reach 25% by the end of the year, 0.1 percentage points higher than the planned level of 24.9%.
However, Hovhannisyan noted that expected tax revenues in 2024 will amount to approximately USD 6.33 billion, which is somewhat lower than the initially projected amount of USD 6.73 billion.
