Armenian Government Plans To Collect 1.1 Trillion Drams In Revenue N

ARMENIAN GOVERNMENT PLANS TO COLLECT 1.1 TRILLION DRAMS IN REVENUE NEXT YEAR AND SPEND 1.2 TRILLION DRAMS

YEREVAN, July 4. /ARKA/. Presenting today the government’s medium-term
spending for 2014-2016 Armenian finance minister David Sargsyan said
next year the authorities will have to collect 1.146 trillion drams
in revenue, which will make 23.63 percent of the overall GDP and
spend 1.258 trillion drams or 25.93% of the GDP.

The minister said the projected increase in revenue collection in 2014
by 113 billion drams compared to 2013 will be achieved by improved
tax collection. In 2015, the growth in tax revenue will be about 116
billion drams. Growth is also expected in 2016, he said. In his words,
the average annual growth in tax collection in 2014, 2015 and 2016
will be about 0.3% of the GDP.

“In 2014, the government spending will increase by 105 billion
drams, because of higher public salaries and transition to the funded
pension system from January 1, 2014,” he said. According to Sargsyan,
the higher public salaries will raise public spending by 61 billion
drams and the transition to the funded pension system will require
additionally about 20 billion drams.

He said also the government will spend additionally 37.7 billion
drams next year to pay poverty and other benefits and channel also
additional funds into defense, science and other sectors.

The 2013 budget calls for 1.032.7 trillion drams in revenue and 1.152
trillion drams in spending. The government expects to collect 993.08
billion drams in taxes and dues, by 118.7 billion drams than in 2012.

The projected deficit for this year is 119.7 billion drams
or 2.6% of the GDP. The deficit is to be financed by proceeds
from internal and external sources -55.1 and 64.6 billion drams
respectively. The inflation for this year is projected at 4 ± 1.5%,
and the GDP growth is 6.2%. ($ 1 – 411.30 drams). -0- – See more at:

From: Emil Lazarian | Ararat NewsPress