HIGH TAX COLLECTION RATE MUST BE MAINTAINED IN ARMENIA

ARKA
April 11, 2008

YEREVAN, April 11. /ARKA/. Armenia’s Government must not slow down
the previously recorded high rates of tax collection, stated RA Prime
Minister Tigran Sargsyan.

"Rather strict requirements have always been set to the taxation
and customs authorities, and they must constantly follow the way of
over-fulfilling the tax collection plans," Sargsyan told journalists.

The premier said that over 5bln AMD extra budget revenues were recorded
in January-March 2008 alone.

Sargsyan pointed out the paramount importance of maintaining the
current rates during the year.

The RA Ministry of Finance and Economy reports that 5.2bln AMD budget
surplus was recorded in the country in January-February 2008 (without
purpose loans under international credit programs). Armenia’s budget
revenues totalled 99.1bln AMD in January-February 2008 – a 16bln AMD
or 19.2% increase as compared with the corresponding period last
year. The country’s on-budget expenditures totalled 93.9bln AMD –
a 34.3bln AMD or 57.5% increase.

In January-March 2008, tax receipts, which totalled 78.8bln AMD,
formed 79.6% of Armenia’s budget revenues.

The RA Parliament adopted Armenia’s state budget for 2008 on November
28, 2007. The budget revenues are to total 746bln AMD, on-budget
expenditures 822bln, and budgeted deficit being 76bln AMD.-0–