ZCMC Reclaims Top Taxpayer Position as Gaming Sector Continues to Grow

YEREVAN — Significant changes were recorded in the ranking of Armenia’s largest taxpayers during the first half of 2026. According to data published by the State Revenue Committee, major industrial companies regained their dominant positions, while gaming companies and banks continued to generate substantial tax revenues. At the same time, several of last year’s leading taxpayers fell sharply in the rankings.

Based on the results for the first half of the year, the Zangezur Copper-Molybdenum Combine, or ZCMC, reclaimed the title of Armenia’s largest taxpayer. The company paid more than AMD 41.7 billion into the state budget, twice the amount recorded during the same period last year.

It was followed closely by Mobile Centre Art, a company engaged in the import and sale of mobile phones, which paid approximately AMD 38.1 billion in taxes. The figure was driven primarily by the re-export of mobile phones to Russia.

Ardshinbank, one of the leading institutions in Armenia’s banking sector, ranked third, paying AMD 33.6 billion in taxes.

Other representatives of the energy and industrial sectors also retained positions among the top 10 taxpayers. Gazprom Armenia paid AMD 31.5 billion, while Grand Tobacco contributed AMD 28.9 billion.

The remainder of the top 10 included Ameriabank, with AMD 22.1 billion in tax payments; information technology and gaming companies Digitain and SoftConstruct, with AMD 17.9 billion and AMD 17.4 billion, respectively; the Kapan Mining and Processing Company, with AMD 15.7 billion; and IMVBAM, with AMD 13.9 billion. IMVBAM is the Armenian operating company of the Wildberries retail and e-commerce platform.

State Revenue Committee data indicate significant changes among the country’s 50 largest taxpayers when comparing the first half of 2026 with the same period in 2025.

ZCMC recorded particularly strong growth, increasing its tax payments by more than AMD 21.3 billion, or 104 percent, compared with the same period last year.

SoftConstruct and Digitain together contributed approximately AMD 14.4 billion more in taxes to the state budget. Their payments increased by 76 percent and 62 percent, respectively.

Ardshinbank also recorded significant growth, increasing its tax payments by AMD 5.6 billion, or 20 percent, while the Kapan Mining and Processing Company paid AMD 5.3 billion more, representing an increase of 52 percent.

Notable financial and structural changes were also recorded in the e-commerce market. At first glance, official data suggest that Wildberries suffered a sharp decline, with its tax payments falling by nearly 90 percent to only AMD 832 million.

However, IMVBAM, the operating company of the Wildberries retail and e-commerce platform in Armenia, recorded a 164 percent increase in tax payments during the first half of the year. After paying AMD 13.9 billion, the company entered the list of Armenia’s 10 largest taxpayers.

When the results of the two companies are considered together, the total tax revenue generated by Wildberries’ Armenian operations did not decline. Instead, it increased by approximately AMD 1.4 billion.

In contrast, several major trading companies experienced sharp reductions in tax payments.

Pretty Way, which imports and sells electronic devices and, until recently, also re-exported them to Russia, paid AMD 9.6 billion less in taxes, representing a decline of approximately 85 percent.

Significant decreases were also recorded by Art Wine, whose tax payments fell by AMD 4.1 billion; petroleum importer Flash, which paid AMD 3 billion less; and Unibank, whose payments declined by AMD 2.7 billion.