TAX REVENUES OF RA STATE BUDGET GROW BY 24% IN JANUARY-MAY 2007 ON
SAME PERIOD OF LAST YEAR

YEREVAN, JUNE 30, NOYAN TAPAN. In January-May 2007, tax revenues made
up 81.7% of the state budgetary revenues. State duties made up 3.8%,
non-tax revenues -10.8%, revenues from capital operations – 3.4%,
official transfers – 0.3% of the budgetary revenues.

According to the RA Ministry of Finance and Economy, in the first five
months of 2007, tax revenues of the state budget amounted to 162 bln
drams (over 451 mln USD) and ensured the fulfilment of the program for
the first half of 2007 by 82.3%. Tax revenues grew by 24% on the same
period of 2006. High growth rates were regsitered with respect to all
taxes.

VAT amounted to 76 bln drams and made up 46.9% of tax revenues in the
period under review. More than 46.2 bln drams of this sum was received
from taxation on the Armenian borders, 29.8 bln drams – from domestic
turnover of goods and services. VAT revenues of the state budget grew
by 34.3% or over 19.4 bln drams as compared with the same period of
2006.

Excise tax revenues amounted to 14.6 bln drams and made up 9% of the
total tax revenues. Particularly, 10.3 bln drams was received from
taxation of imported goods, including 4.6 bln drams from taxation of
imported gasoline and diesel fuel and 4.4 bln drams from taxation of
imported cigarettes.

Excise tax revenues from taxation of goods produced in Armenia made 4.3
ln drams, including 1.7 ln drams from sale of cigarettes made in
Armenia. Excise tax revenues of the RA state budget grew by 4.3% or
604.1 mln drams on the same period of 2006, which was mainly due to a
growth of revenues from imported cigarettes, gasoline and diesel fuel.

A growth was also registered with respect to revenues from imported
alcoholic drinks, while excise tax revenues from sale of cigarettes
made in Armenia declined.