YEREVAN, APRIL 29, ARMENPRESS. The Armenian government predicts a decline in the pre-planned taxes-GDP ratio due to the coronavirus situation in the country, Finance Minister Atom Janjughazyan said during the parliamentary debate of the 2020 state budget law, in response to the question of opposition Prosperous Armenia faction MP Mikayel Melkumyan.

“Based on the results of 2019 the taxes in GDP were 22.6%. When the taxation base is being cut, it’s a negatively affecting factor on the tax-GDP ratio even under the quality of the same administration. In other words, we predict that the tax-GDP ratio will be 22.1% compared to the expected 22.6%”, the minister said.

In other words, 6 trillion 485 billion drams nominal amount in GDP and 1 trillion 433 billion of it in tax revenues are predicted.

According to the bill on making changes in the Law on the 2020 State Budget, in fact it is expected to attract nearly 260 billion AMD additional debt funds to mitigate the economic consequences of the novel coronavirus.

Reporting by Anna Grigoryan; Editing and Translating by Aneta Harutyunyan