The Zangezur Copper-Molybdenum Combine (ZCMC) has reclaimed its position as the leading taxpayer in Armenia, according to the latest data from the Armenian State Revenue Committee. In the first half of 2026, the top five taxpayers in Armenia contributed a total of 173.8 billion drams (approximately $472.5 million) to the state budget, marking a year-on-year increase of 23.4%. This amount includes 3.8 billion drams from customs duties, 62.1 billion drams from direct taxes, and 70.3 billion drams from value-added tax (VAT), reflecting significant growth across all categories.
The share of the top five taxpayers in the overall list of 1,000 major taxpayers has risen to 16%, up from 14% the previous year. A significant factor in this increase is the return of ZCMC to the forefront of the taxpayer rankings, having previously dropped out in early 2025. After a strong performance in the second and third quarters of 2025, ZCMC has now firmly established itself at the top, contributing 41.6 billion drams to the state treasury in the first half of 2026, which is double the amount from the previous year.
ZCMC’s contributions include 582.5 million drams in customs duties, 20.2 billion drams in direct taxes, and 960.1 million drams in VAT. Following ZCMC, the second position is held by Mobile Center Art, which contributed 38.2 billion drams, a 16.1% increase from the previous year. Ardshinbank has moved up to third place, contributing 33.6 billion drams, while Gazprom Armenia has slipped to fourth with a contribution of 31.5 billion drams, reflecting a 12.5% decline.
The fifth position is occupied by a joint venture that contributed 28.9 billion drams, down 4.9% from the previous year. Overall, the top 1,000 taxpayers in Armenia paid a total of 1.1 trillion drams (over $3 billion) to the state budget in the first half of 2026, representing a 12.5% increase compared to the same period last year. This data highlights the vital role of the mining sector, particularly ZCMC, in Armenia’s economy and its contributions to the national budget amidst fluctuating performances from other sectors.
In comparison, the top five taxpayers in the first half of 2025 included Mobile Center Art, Grand Tobacco, Gazprom Armenia, Ardshinbank, and Ameriabank, which collectively contributed 140.8 billion drams, showing a decline of 15% year-on-year. The ongoing recovery and growth of ZCMC are crucial for the stability and growth of Armenia’s fiscal landscape, especially as the country navigates economic challenges and seeks to enhance its mining sector’s contributions to the economy.
