Armenia: State Budgetary Tax Revenues Drop 5.2%
In the first 10 months of 2020, Armenian state budget tax revenues amounted to some 1.135 trillion drams, a 5.2% (62 billion drams) drop from the same period in 2019.
In October of this year, 118 billion drams of taxes and state duties were credited to the state budget of Armenia.
Compared to the same month of 2019, taxes increased by 462 million drams or 0.4%.
In times of economic downturn, budget tax revenues usually decline.
However, according to the data, the opposite occurred in October. This may confirm reports that businesses were willing to pay tax overpayments during the recent Karabakh war.
In October 2020, compared to the same month of the previous year, Armenia’s Economic Activity Index decreased by 8.1%. In October, the trade and services sectors suffered the most. Industrial production also decreased.