Armenia recorded highest ever tax-to-GDP ratio in 2021

YEREVAN, MARCH 22, ARMENPRESS. In 2021 Armenia recorded the highest tax-to-GDP ratio in its history at 22,7%, the government said in a report.

As a result of tax administration development it was possible to outperform the tax revenue and state duty plan by 147 billion drams, and the 22,7% tax/GDP level was recorded as a result of improvement of administration in the sector.

On the occasion of favorable international conjuncture of copper and molybdenum, the taxation mechanism for the exports of these metals were changed which led to an additional 24,6 billion drams collected into the budget in 2021, and 33,9 billion by February 2022.

As a result of flat taxation for revenues, the number of workplaces in December 2021 stood at 659,471 – “an absolute record for Armenia’s entire preceding history.”

During 2021, the debt burden against GDP dropped 3,2 percentage points reaching 60,3%. The government said it succeeded in moving the debt back to a significantly safer interval in terms of management.

The full report is available in Armenianversion.