YEREVAN. – According to economic analyses, shadow economy in Armenia is about 30-35 percent—and, in line with some estimates, even up to 40 percent—of the country’s GDP. 

Minister of Finance Davit Sargsyan noted the aforesaid during Monday’s National Assembly discussions devoted to the 2014 State Budget. 

He added that, to reduce shadow economy, the government plans to increase the tax/GDP ratio, which has increased by 3.2 percent in the past five years. 

To note, pursuant to the draft budget for 2014, the level of income taxes and state taxes will comprise 23.12 percent of the GDP, against the 23.06 percent planned for 2013 and the actual 21.89 percent in 2012.  

The finance minister also assured that, in 2014, no additional tax burdens will be brought upon Armenia’s small and medium-sized businesses.