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The VAT revenues have reduced in Armenia due to the decline in GDP in 2016, says the description of the macroeconomic situation in Armenia for 2016, attached to the report on State Budget performance.

The discussion of the report kicked off in the standing committees of the Armenian parliament on Monday.

The real GDP in 2016 (5 trillion 067,9 AMD) proved to be lower than the predicted one (5 trillion 442,8 billion). Of course, this has to do not so much with the decline of the economy as with the clearly nominal indexes. The inflation turned out to be low, the GDP deflator amounting to 100,5 instead of 104,0.

The GDP revenues made up 391,1 billion AMD or 36.2 percent of fiscal revenues. In the recent years, the share of indirect taxes in the budget has constantly been reducing in favor of the direct ones
(income and profit taxes).

168,2 billion AMD was levied on the border, 222,9AMD—from domestic turnover. As compared to 2015, the VAT entries reduced by 7.7 percent or 32.8 billion AMD. The entries from abroad reduced even more (by 11.9 percent) than those from domestic turnover (4.3 percent) due to the reduction of import.

The slight reduction has also to do with overbalanced VAT and turnover tax. Since 2 July 2015, the VAT threshold has raised from 58,53 to 115 million AMD. Consequently, the 121.6 billion turnover moved to the field of turnover tax. As a result, the reduction of VAT made up 4.8 billion AMD. 

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