Armenia’s Tax Revenues Exceed Over $5 Billion in 2023 with 15.4% Growth -SRC

YEREVAN — Armenia’s State Revenue Committee (SRC) collected 2.22 trillion drams ($5.4 Billion) of revenue in 2023, exceeding the previous year’s figure by 295.9 billion drams or 15.4%.

The original amount projected by the government in the beginning of 2023 was 2.20 trillion drams. This amount was exceeded by 18.2 billion drams.

About 362.9 billion drams were refunded to taxpayers and individuals, which is 100.1 billion drams or about 38.1% more than the previous year’s figure.

According to the settlement documents (including cashier’s checks), 648.7 million transactions worth 12.2 trillion drams were carried out, exceeding the previous year’s figures by 45 million transactions and 2.1 trillion drams.

Record growth in the number of jobs and average wages was also recorded: the number of officially registered jobs in November stood at 738 thousand, up 5.2% year-on-year, and the average wage amounted to 293 thousand drams, up 10.6%.

The past year was marked also by efficient administration in the tax sphere, simplification and digitalization of procedures, consistent reforms and legislative initiatives, the SRC said. ($1 – AMD 404.79)