Armenia’s 1000 Largest Corporate Taxpayers Paid About 1.5 Trillion Drams In Taxes In 2022

YEREVAN — Armenia’s 1000 largest corporate taxpayers paid one trillion 490 billion drams in various taxes in 2022, the State Revenue Committee (SRC) said today.

According to the SRC, about one trillion 186 billion drams were collected by the tax authorities and about 305.3 billion drams by the customs agencies.

The list is topped by the Zangezur Copper-Molybdenum Combine (ZCMC), which paid 143.9 billion drams ($360 million). It is followed by Gazprom Armenia Company, which paid about 52.3 billion drams and Grand Tobacco with more than 45 billion drams of paid taxes.

The taxes paid by ZCMC were sharply up from 2021, accounting for almost 7.5 percent of the Armenian government’s overall tax revenue, which rose by 21 percent.

ZCMC employs about 4,000 people and mines copper and molybdenum near Kajaran, a town in Syunik.

Data released by SRC on Wednesday shows that the national gas distribution company owned by Russia’s Gazprom giant was still the second most important source of that revenue, followed by the Grand Tobacco cigarette manufacturer. The SRC collected 52 billion drams and 45 billion drams respectively from these companies in 2022. Grand Tobacco topped the corporate taxpayers’ list in 2019 and 2020.

The list of the top ten companies by size of paid taxes includes also International Masis Tabak (about 27.4 billion drams), Agarak Copper-Molybdenum Plant (about 19.6 bln drams),), Philippe Morris Armenia (about 18.1 bln drams), Mobile Center Art (about 17.6 bln drams), JTI (about 17 bln drams), CPS Energy Group (16.98 bln drams) and MTS Armenia telecom (15.9bln drams).

According to SRC, the list was compiled based on criteria established by the decision of the current government of June 23, 2022. It does not include state and community management agencies. ($1 – 396.40 drams).