Armenian prime minister hails 'drastic increase' in tax revenues since 2018

The Armenian Government raised its budgetary tax revenues by 505.4 billion Drams in the past two years (AMD 478.87 = USD 1), managing to redeem its debts to the taxpayers while contributing also to the State Budget, Prime Minister Nikol Pashinyan said in Kapan (Syunik region).

At a news conference in the southern city, the Armenian leader also hailed the return of an AMD 200 billion worth debts to the business sector. ″The rest of the 505.4 billion Drams – an estimated AMD 305.4 billion – replenished the tax revenues in the State Budget,″ he said, adding that they are still continuing the return of the GDP debits past redemption.

Noting that the state revenues saw a 43.6% growth since 2017, the premier added they now have ‟no debts past redemption″ to the businesses.

Pashinyan further praised the 7.5% GDP growth in the first three quarters of last year, highlighting its 1.6% and 1.3% increase against the same periods of 2017 and 2018, respectively.

″Armenia, with its first three quarterly results, is a leader in the Eurasian Economic Union and among the CIS countries, as well as the European region - as the findings by International Monetary Fund suggest.″

The prime minister also hailed the increase in the capital expenditures by 21% and 30%, respectively, emphasizing their paramount role in the creation of material values. ″The allocations addressing social needs and the development of the human capital increased by an estimated 13% in 2020. They grew by 20% compared to 2017, with the heathcare expenditures seeing a 24% increase and the expenditures in educational sector going up by 14%.

As an other serious achievement (among the 100 facts listing his government's success), Pashinyan pointed out to the budgetary funding to economic relations, which he said ″increased by 47% to AMD 195.4 billion″ in 2019.