ArmInfo. Armenia's top 5 largest taxpayers paid 76.3 billion drams, or $202 million, to the state budget in the first quarter of 2026, marking a 23% year-on-year increase. Of this amount, 1.98 billion drams (a 5-fold increase) were paid in customs duties, 12.6 billion in direct taxes (an almost 11-fold increase), and 48.8 billion in indirect taxes (a 31-fold increase), according to the RA State Revenue Committee's list of 1,000 large taxpayers.
The share of the leading five companies within the top 1,000 list rose to 17% (up from 15% the previous year). This is largely due to the return of the Zangezur Copper and Molybdenum Plant (ZCMC), which took third place, whereas a year earlier, it was not among the 1,000 large taxpayers in the first quarter. However, in the second quarter of 2025, ZCMC reappeared on the list of large taxpayers, ranking close to the leaders, and then in the third quarter, advancing to third place, which it retained based on the results of 2025.
Recall, in 2024, ZCMC topped this list. Mobile Center Art topped the list of 1,000 taxpayers for the first quarter of 2026 (compared to second place a year earlier), paying 21.4 billion drams to the state treasury (a 30% year-on-year increase), including 426.6 million drams in customs duties, 735 million in direct taxes, and 20.3 billion in VAT.
Gazprom Armenia CJSC dropped to second place (from first place a year earlier), paying 19.8 billion drams to the state budget (a 0.5% year-on-year decline), including 1.02 million in customs duties, 1.6 billion in direct taxes (including profit tax, income tax), and 17.7 billion in VAT. The Zangezur Copper and Molybdenum Plant (ZCMC) took third place, paying 15.5 billion drams to the state treasury (the dynamics are not provided due to its absence from the list a year earlier), of which 428.3 million drams were in customs duties, 5.2 billion drams in direct taxes (including profit tax, income tax), 392.7 billion drams in VAT, and approximately 10 billion in other taxes and payments.
The Canadian joint venture Grand Tobacco fell to fourth place (from third place a year earlier), paying 11.5 billion drams to the state budget (a 5% year-on-year decline), of which 1.1 billion were in customs duties, 3.2 billion in VAT, and 7.2 billion in excise tax. Tech company SoftConstruct moved up to 5th place (from 10th a year earlier), paying 8.04 billion drams to the state treasury (a two-fold increase year-on-year), of which over 4 billion were direct taxes (including profit tax and income tax), while only 10.4 million were customs duties and 6.4 million were VAT.
According to the State Revenue Committee, in total, the 1,000 largest taxpayers in Armenia contributed 459.3 billion AMD ($1.2 billion) during Q1 2026, a 12% increase compared to the same period last year.
Recall, that based on the results of the first quarter of 2025, the top 5 companies included Gazprom Armenia, Mobile Center Art, Grand Tobacco JV, CPS Energy Group and Pretty Way LLC, which paid a total of 62.1 billion drams to the state budget (an 18% year-on-year decline). Of this amount, 4.8 billion drams were direct taxes (an 63.4% year-on-year decline), and 44.2 billion drams were VAT (an 8.3% year- on-year increase). (The calculated exchange rate of the AMD dram against the USD as of 31.03.26 was AMD 377.16 /$1).
