YEREVAN, APRIL 27, ARMENPRESS. Tax revenues in the first quarter of 2021 amounted to 332,9 billion drams – a figure more than projected but less compared to the 2020’s Q1, according to State Revenue Committee Chairman Edvard Hovhannisyan.

“In the first quarter the tax revenues were 332,9 billion drams – 27 billion drams more than projected,” he told lawmakers at the financial-credit and budgetary affairs committee. “The factually collected tax revenues were 16,1 billion drams less compared to the same period of 2020.”

He said the negative difference has substantial reasons, citing the government’s change of the profit tax mechanism. “Only the impact of the profit tax prepayment mechanism change is assessed at nearly 10 billion drams. Meaning 10 billion out of the said 16,1 billion relates to profit tax,” he said, adding that the government made the change in order to ensure financial means for businesses.

He also noted that in 2021 Q1 the authorities returned 2,9 billion drams more money to businesses.

Hovhannisyan also mentioned that Q1 of 2020 didn’t have the pandemic's impact. Because of the ongoing pandemic’s impact, some business activities aren’t yet restored, such as tourism, accommodation and auto-transport, he said. 

Editing and Translating by Stepan Kocharyan