VALUE ADDED TAX REVENUES AND EXCISE TAX REVENUES OF STATE BUDGET GROW BY 32.4% AND 29.6% RESPECTIVELY IN JANUARY-FEBRUARY 2008 ON SAME PERIOD OF LAST YEAR

Noyan Tapan
April 2, 2008

YEREVAN, APRIL 2, NOYAN TAPAN. Tax revenues of the RA state
budget amounted to more than 78.8 bln drams (aover 256 mln USD) in
January-February 2008, as a result of which the quarterly program
was executed by 66.8%. Tax revenues grew by 30% or 18.2 bln drams as
compared with the same period of 2007.

According to the RA ministry of finance and economy, VAT tax
collection amounted to about 42 bln drams, which made up 53.2% of tax
revenues. 25.8 bln drams of this sum was received from taxation on the
Armenian border, while 16.2 bln drams was received from taxes from the
domestic turnover of goods and services. VAT revenues grew by 32.4%
or 10.3 bln drams as compared with the same period of 2007. There
was an increase of revenues both from imports and domestic turnover.

8.2% of tax revenues of the state budget was ensured at the expense
of excise tax, whose collection made 6.5 bln drams. In particular,
4.5 bln drams was received from taxation of excise tax-liable goods
imported into Armenia, including 2 billion drams from gasoline and
diesel fuel import and 1.7 bln drams – from import of cigarettes. State
budgetary revenues from taxation of excise tax liable goods produced
in Armenia made 2 bln drams, including 982.8 mln drams from sales of
domestically produced cigarettes.

Excise tax revenues grew by 29.6% or 1.5 bln drams as compared with
the same period of last year, which was mainly due to a growth of
revenues from the sale of domestically made cigarettes and from the
import of gasoline and cigarettes. A growth of excise tax from the
import of alcoholic drinks and the sale of domestically produced
drinks was also registered.