Government plans to significantly increase tax revenues in 2023 – finance minister

YEREVAN, OCTOBER 31, ARMENPRESS. The state budget draft for 2023 is built on the principle that it must guarantee macroeconomic stability just like in 2022, Finance Minister Tigran Khachatryan told lawmakers at parliamentary committee debates on the 2023 draft state budget.

“What does macroeconomic stability mean in terms of the principles of fiscal policy and particularly applying the law on state budget. First of all it means that we must significantly – as envisaged by the government action plan – increase tax revenues, because it is the guarantee that should ensure the reliable funding of government programs in the mid-term segment,” Khachatryan said.

He noted that the 2021-2026 government program envisages an ambitious growth of tax revenues against GDP. The plan is to reach 25% tax to GDP ratio by 2026.