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YEREVAN, NOVEMBER 4, ARMENPRESS. State Revenue Committee Chairman Rustam Badasyan on Monday announced a decrease in the shadow economy over the course of the past three years.
“The assessments of both the finance ministry and the state revenue committee indicate that during the past three years the shadow economy has decreased. Our assessments indicate that in terms of the main tax types in 2022, the VAT, profit tax, revenue tax, the gap amounted to 3,06% of the GDP, which improved by 0,5 percentage points compared to the previous year. Furthermore, the 2023 tax-GDP 24,1% ratio improved by 1 percentage point compared to the previous year,” Badasyan told lawmakers at a committee hearing on the 2025 state budget.
The improvement happened as a result of economic factors and improvements in administration, he said.
He said the tax-GDP ratio will amount to 25% with results of 2025 compared to the 22,6% of 2020.
Nevertheless, Badasyan said that the shadow economy is manifested in some areas. He did not elaborate which specific sectors.
“It is our direct duty to resolve the issues not only in fiscal terms. If we don’t conduct administration in all areas and fail to actively fight against the shadow economy, then it will disrupt the competition in various markets. We have different objectives, including the indicators defined in the government program,” Badasyan said.