Large taxpayers of Armenia’s IT sector: What changes have taken place in 2024 Q1?

In January-March 2024, 84 IT companies were included in the list of Armeina’s 1000 large taxpayers, which provided the state budget with an income of 20.8 billion drams, which is 728 million drams more than in the same period of 2023, Modex informs.

In the first quarter of 2024, the IT companies included in the list of 1,000 large taxpayers together provided 4.2% of the revenues controlled by the SRC.

Eighty-four IT companies together paid a profit tax of 1.3 billion drams, in which the leader is no longer Veeam Armenia, but Synopsys Armenia with an 8% share (97.8 million drams profit tax).

Taxes paid in eight of the 20 largest IT sector taxpayers have decreased. The decline is particularly large in the case of Veeam Armenia, DataArt and NVIDIA 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.