As of December 10, 2023, Armenia's tax revenues and state duties reached $5.5 billion, amounting to 83.1% of the adjusted annual target.
According to the Budget Department of Armenia’s Parliament, revenues increased by 10.2%, or more than $512 million, compared to the same period last year. "The long-term growth is even more notable: compared to 2022, revenues grew by 25.2% ($1.1 billion), and relative to 2021 figures, the increase reached 51.1% ($1.86 billion)," the statement noted.
Earlier, BMG reported that despite these impressive growth figures, Armenia’s Ministry of Finance expects tax revenues in 2024 to fall approximately $408 million short of the budgeted target. As a result, the government plans to reduce state budget expenditures by $336 million, according to the ministry.
