Armenia’s large taxpayers of IT sector in 1st semester: What changes have happened?

In January-June 2024, 79 IT companies were included in the list of Armenia’s 1000 large taxpayers, which provided the state budget with an income of 45.9 billion drams, which is 123 million drams less than in the same period of 2023, reports Modex.

In the first half of 2024, the IT companies included in the list of 1,000 large taxpayers together provided 4.4% of the revenues controlled by the State Revenue Committee, instead of 4.8% in the corresponding period of the previous year.

Seventy-nine IT companies together paid 9.2 billion drams in profit tax, in which the leading company Synopsys Armenia provided 12% of the paid profit tax (1.1 billion drams).

Taxes paid in eight of the 20 largest IT sector taxpayers have decreased: the decline is especially large in the case of Veeam Armenia, VMware, DataArt and EPAM companies, moreover, due mainly to the decrease in income tax.

Taxes for each company were calculated as the difference between the total amounts paid from the state budget company and the amounts returned to the unified account in terms of VAT, excise tax.