Top Tax Contributors in Armenia for H1 2024: Zangezur Copper-Molybdenum Combine Leads
As of July 26, 2024, the Zangezur Copper-Molybdenum Combine (ZCMC) has been identified as the leading taxpayer in Armenia for the first half of 2024. The company reported tax payments exceeding 64 billion drams (approximately $164 million), marking an increase of nearly 45% compared to the same period in 2023. This growth is largely due to the implementation of a royalty system for mining operations, which replaced previous export duties on mineral concentrates starting in 2023 and became effective in 2024. The royalty constituted almost two-thirds of ZCMC's total tax contributions.
In the first quarter of 2024, Mobile Centre Art, a distributor of smartphones and technology, held the top position in tax payments. However, ZCMC surpassed it in the second quarter due to significant profit tax payments, primarily due in April.
The following are the top ten taxpayers in Armenia for the first half of 2024:
1. Zangezur Copper-Molybdenum Combine: 64 billion drams ($164 million)
2. Mobile Centre Art: 32 billion drams ($83 million), more than double the amount paid in H1 2023.
3. Gazprom Armenia: 27.6 billion drams ($71 million), approximately 10% less than the previous year.
4. Grand Tobacco: 23.6 billion drams ($60.8 million), a growth of around 17%.
5. Prity Way: 17.7 billion drams ($45.6 million), a 12% increase.
6. Ameriabank: 17.5 billion drams ($45.2 million), with a 12% decrease in tax payments.
7. Viva Armenia: Tax payments increased by over 30% following its acquisition by Fedilco.
8. CPS: A petroleum distributor, paid about 9.8 billion drams ($25.2 million), with a nearly 15% decline in revenue.
9. Soft Construct: A developer of online gaming sites, contributed 9.3 billion drams ($24.1 million), with a 64% increase in tax payments.
10. City: The company, which includes the Yerevan City supermarket chain, paid 9.3 billion drams ($23.8 million), reflecting a 25% increase from last year.
Retail chains are under close scrutiny from tax authorities throughout the entire supply chain, from procurement to final sales.
In the first quarter of 2024, Mobile Centre Art, a distributor of smartphones and technology, held the top position in tax payments. However, ZCMC surpassed it in the second quarter due to significant profit tax payments, primarily due in April.
The following are the top ten taxpayers in Armenia for the first half of 2024:
1. Zangezur Copper-Molybdenum Combine: 64 billion drams ($164 million)
2. Mobile Centre Art: 32 billion drams ($83 million), more than double the amount paid in H1 2023.
3. Gazprom Armenia: 27.6 billion drams ($71 million), approximately 10% less than the previous year.
4. Grand Tobacco: 23.6 billion drams ($60.8 million), a growth of around 17%.
5. Prity Way: 17.7 billion drams ($45.6 million), a 12% increase.
6. Ameriabank: 17.5 billion drams ($45.2 million), with a 12% decrease in tax payments.
7. Viva Armenia: Tax payments increased by over 30% following its acquisition by Fedilco.
8. CPS: A petroleum distributor, paid about 9.8 billion drams ($25.2 million), with a nearly 15% decline in revenue.
9. Soft Construct: A developer of online gaming sites, contributed 9.3 billion drams ($24.1 million), with a 64% increase in tax payments.
10. City: The company, which includes the Yerevan City supermarket chain, paid 9.3 billion drams ($23.8 million), reflecting a 25% increase from last year.
Retail chains are under close scrutiny from tax authorities throughout the entire supply chain, from procurement to final sales.