Armenia’s 2016 government budget tax revenue to be recorded at AMD 1073 billion

YEREVAN, January 9. /ARKA/. Armenia’s 2016 government budget tax revenue will be recorded at AMD 1 trillion 73 billion, said Vardan Harutyunyan, head of the country’s State Revenue Committee.

“In the 2016 government budget tax revenue is projected at AMD 1 trillion 129 billion,” he said. “Taking into account some factors, we expected that tax revenue would amount AMD 1 trillion 44 million, but our management give us grounds for thinking that we can collect 23 billion more.”

Harutyunyan pointed out the increase of value added tax, VAT exemption for cars imported from the Eurasian Economic Union, contraction of customs duties from the union as well as the nominal GDP projected in the budget as factors that have impacted the tax collection. 

He also singled out some decline in consumption and foreign trade, particularly import, among the risks which have impacted the budget tax revenue a great deal. He said this has impacted not only border taxes, but also the tax revenue coming from domestic trade and economy. 

In the 2016 government budget, deficit is projected at 3.5% of GDP. Spending here is projected at AMD 1 trillion 373.7 billion, tax revenue at AMD 1 trillion 183 billion and deficit at AMD 197 billion. ($1 – AMD 483.65). --0---