ArmInfo. The State Revenue Committee of Armenia has released the latest data on the country's top 1,000 taxpayers. The top five taxpayers have together paid 279.5 billion drams ($733.1 million) to the state budget, accounting for 14.4% of the total tax revenue from the top 1,000 list.
This is a slight decrease in concentration compared to the 17.8% share held by the top five in 2024. Of this amount 7.3 billion drams (a 79.9% decline year-on-year) were paid in customs duties, 83.4 billion in direct taxes (with an annual increase of 53%), and 172.8 billion in indirect taxes (with an annual decrease of 3.4%).
In 2025, Mobile Center Art topped the list of 1,000 taxpayers (compared to 2nd place in 2024), paying 77.8 billion drams to the state treasury (a 16.6% increase year-on-year), including 904.3 million drams in customs duties, 3.6 billion in direct taxes, and 73.5 billion in VAT. The Canadian joint venture Grand Tobacco came in second, paying 66.1 billion drams to the state budget (with an annual increase of 4.4%), with 4.6 billion being customs duties, 5.1 billion- direct taxes, and 60.3 billion- indirect taxes. Zangezur Copper and Molybdenum Plant (ZCMC), which topped this list in 2024, has now dropped to third place, having paid 52.2 billion drams to the state treasury (a 48.8% year-on-year decline), including 1.5 billion drams in customs duties, 30.6 billion drams in direct taxes (including profit tax, income tax), and 2.6 billion drams in indirect taxes (including VAT, excise tax). Gazprom Armenia CJSC maintained its fourth position, having paid 43.2 billion drams to the state budget (a 7.1% year-on-year decline), including 65.9 million in customs duties, 6 billion in direct taxes (including profit tax, income tax), and 35.4 billion in VAT. Arshinbank moved up to 5th place (from 42nd in 2024), having paid 40.2 billion drams to the state treasury (a 6-fold increase year-on-year), of which 113.3 million were in customs duties, 37.9 billion in direct taxes, and 860.1 million in indirect taxes.
The remainder of the top ten reflects the growing influence of the banking and technology sectors in Armenia's economy: Ameriabank (6th position), DIGITAIN (7th position), International Masis Tabak (8th position), CPS Energy Group (9th position) and SOFT Construct (10th position). According to the State Revenue Committee, the 1,000 largest taxpayers in Armenia paid a total of 1.946 trillion drams ($5.1 billion) to the state treasury in 2025, which is 9.8% higher than the same period last year.
Recall, the top 5 companies in 2024 included Zangezur Copper and Molybdenum Combine CJSC, Mobile Center Art, Grand Tobacco JV, Gazprom Armenia, and Pretty Way LLC. In total, the top five companies paid 315.4 billion drams or $795.3 million in taxes to the state budget in 2024 (a 24.1% year-on-year increase), with 54.5 billion drams- direct taxes (a 25.3% year-on-year increase) and 106.7 billion drams- indirect taxes (a 31% year-on-year decrease). The dram/US dollar exchange rate as of December 31, 2025 was AMD 381.36 drams/1$, compared to AMD 396.56/1$ as of December 31, 2024.
