Չորեքշաբթի, Ապրիլ 23, 2014 Ժամանակը Երեւանում 12:45

in English

Mining Giant Remains Armenia’s Top Taxpayer

Armenia - Prime Minister Tigran Sarkisian (R) and Maxim Hakobian, CEO of the Zangezur Copper-Molybdenum Combine, visit the company's ore-processing plant in Syunik, 10Sep2011.
Armenia - Prime Minister Tigran Sarkisian (R) and Maxim Hakobian, CEO of the Zangezur Copper-Molybdenum Combine, visit the company's ore-processing plant in Syunik, 10Sep2011.
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A German-owned mining and metallurgical company remains Armenia’s number one corporate taxpayer, according to the State Revenue Committee (SRC).

The SRC’s latest data shows the Zangezur Copper-Molybdenum Combine (ZCMC) paying around 38 billion drams ($94 million) in various taxes and duties in 2013.

Mostly owned by the German metals group Cronimet, the ZCMC is based in the southeastern town of Kajaran and employs thousands of people. The company exports virtually all of its production, copper and molybdenum ore concentrates.

Armenia’s national gas distribution network, ARG, is second on the list of the country’s 1,000 largest taxpayers released by the SRC this week. Its contributions to the state budget totaled over 36 billion drams in 2013.

The network fully owned by Russia’s Gazprom monopoly is followed by K-Telecom, the parent company of Armenia’s largest mobile phone operator. K-Telecom also belongs to a Russian firm.

Among other major corporate taxpayers are another Russian-owned telecommunication operator, companies importing basic foodstuffs and fuel and the national power utility.

The SRC rankings put the total amount of taxes paid by Armenia’s 1,000 largest business entities at 665 billion drams. The figure is equivalent to roughly two-thirds of the government’s overall tax revenue, which rose by more than 15 percent last year.

The Armenian state budget for this year projects a similar revenue increase. The government expects that continued economic growth and improved tax administration will enable it to meet the target.

The government’s tax revenue has been steadily rising but is still quite modest as a proportion of GDP. The tax-to-GDP ratio stood at less than 18 percent in 2012, one of the lowest indicators in the former Soviet Union.
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