Yerevan, Armenia – Zangezur Copper and Molybdenum Plant (ZCMC) has solidified its position as Armenia’s largest taxpayer for the third year in a row, according to the latest data released by the State Revenue Committee. The company’s contributions to the state treasury reached an impressive 102 billion AMD in 2024, a significant 44% increase compared to the previous year.
ZCMC’s tax payments included 2.2 billion AMD in customs duties, 30.2 billion AMD in direct taxes (including profit tax and income tax), and 2.7 billion AMD in indirect taxes (including VAT and excise tax).
Mobile Center Art climbed to second place in the ranking, with a total tax contribution of 66.7 billion AMD, a 21% year-on-year increase. Grand Tobacco secured the third position with 63.3 billion AMD in tax payments, up 31% from the previous year.
Gazprom Armenia and Pretty Way LLC (Vesta) rounded out the top five, contributing 46.5 billion AMD and 36.3 billion AMD respectively.
The top five taxpayers collectively contributed 315.4 billion AMD ($795.3 million) to the state budget in 2024, demonstrating a 24.1% increase compared to 2023.
Other notable companies in the top ten include CPS Energy Group, Ameriabank, Wildberries, International Masis Tabak, and JTI Armenia.
Overall, the 1,000 largest taxpayers in Armenia paid a total of 1.772 trillion AMD ($4.4 billion) to the state treasury in 2024, representing a 3.6% rise from the previous year.
This continued strong performance from major taxpayers, particularly ZCMC, highlights their crucial role in supporting Armenia’s economy and public finances.
