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Time in Yerevan: 11:07,   29 March 2024

Tax revenues increase in all sectors that recorded economic growth

Tax revenues increase in all sectors that recorded economic growth

YEREVAN, SEPTEMBER 16, ARMENPRESS. There is not a single sector in Armenia that can evade taxes. Tax revenues increase in all the sectors that have recorded economic growth. The Minister of Finance of the Republic of Armenia, Gagik Khachatryan, announced about this at the National Assembly during Government – NA question-and-answer session. “We do not rely on rough administration as it can have negative impacts under current conditions.  The management model we have adopted gives us an opportunity to say that our economy is manageable”, “Armenpress” reports, the Minister of Finance mentioned.

Referring to the remark how Armenia recorded 4.5% economic growth under the condition that tax revenues have not been secured, Gagik Khachatryan mentioned that GDP growth has no direct impact on tax receipts. “When we delve in the composition of GDP we see that the rise in agricultural products, which is exempt from taxes, entertainment sector, which is taxed at a fixed rate, predominate in it”, Gagik Khachatryan noted.  He noted that during his tenure as a Finance Minister, tax revenues have increased from 500 billion drams to 1 trillion and 140 billion drams.

Gagik Khachatryan referred to the world practice, mentioning that there is similar trend in different countries, when, for instance in European countries, the GDP rises but the tax-GDP ratio declines.

 








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