In the first half of 2024, 79 IT companies were included in the list of the 1000 largest taxpayers, generating revenue for the state budget amounting to 45.9 billion drams (approximately $118 million). This figure is 123 million drams (over $300,000) less than the same period in 2023. This was reported by the consulting company Modex.
Collectively, the IT companies included in the list of the 1000 largest taxpayers accounted for 4.4% of the revenues monitored by the State Revenue Committee (SRC) in the first half of 2024, compared to 4.8% in the same period last year. The total profit tax paid by the 79 IT companies amounted to 9.2 billion drams (over $23.6 million), of which 12% (1.1 billion drams - $2.8 million) was contributed by the leading company, Synopsys Armenia.
However, eight out of the 20 largest taxpayers in the IT sector experienced a decrease in tax contributions. This decline is particularly significant in the cases of Veeam Armenia, VMware, DataArt, and EPAM, mainly due to a reduction in income tax.
Taxes for each company were calculated as the difference between the total amount paid by the company to the state budget and the amount returned to the unified account in terms of VAT and excise tax.
Earlier, BMG reported that the turnover of Armenia's IT sector in 2023 amounted to 837 billion drams ($2.12 billion), which is 252 billion drams (over $630 million) or 43% more than in 2022. Approximately 87%, or 755 billion drams ($1.91 billion), of the IT sector's turnover was realized in external markets (i.e., exported), while 13%, or 114 billion drams, was in the domestic market.
