Armenia's 1,000 Largest Taxpayers Pay AMD 1.64 Trillion in Nine Months

Armenia's 1,000 largest taxpayers paid AMD 1,638 billion, about $4.54 billion, to the state budget in January to September 2026, AMD 199 billion more than a year earlier, according to State Revenue Committee data reported by Armenpress on 26 October. That is about AMD 1.64 trillion, and by CBJ's calculation an increase of 13.8% on the AMD 1,439 billion paid in the same period of 2025.

Of the total, AMD 1,367 billion went to the tax authorities, up AMD 188 billion, and AMD 271 billion to customs, up AMD 10 billion. Most of the increase therefore came from domestic taxes rather than import duties.

A phone reseller at the top

The list is led by Mobile Centre, which imports, sells and re-exports phones and computers. It was followed by Zangezur Copper Molybdenum Combine, the long-standing leader, Grand Tobacco, Gazprom Armenia, Ardshinbank, Ameriabank, Soft Construct, Digitain, Philip Morris Armenia and International Masis Tabak.

The top three paid AMD 64.34 billion, AMD 60.83 billion and AMD 46.23 billion respectively, ArmBanks reported, citing the same data. Mobile Centre's rise has been fast. It was 42nd on the list in 2021, when it paid AMD 4.4 billion, and paid AMD 77.8 billion in 2025, OC Media reported. The company is the official distributor of Xiaomi, Apple and Samsung smartphones and re-exports mainly to Russia.

That trade explains much of the ranking. Re-exported mobile phones were Armenia's most valuable export item in 2025, at $789 million, and exports to Russia were about $2.9 billion, roughly 35% of all exports, according to OC Media. The concentration means a single trade flow, dependent on demand in Russia, now sits at the top of Armenia's tax base.

Banks pay about 9% of the total

All 17 commercial banks are on the list. Together they paid AMD 149.22 billion in the nine months, of which AMD 146.47 billion in taxes and AMD 2.76 billion in customs payments, about 9% of the top 1,000 total. Ardshinbank ranked fifth with AMD 38.09 billion and Ameriabank sixth with AMD 27.99 billion, together about 44% of the banking sector's payments. ACBA Bank was 17th with AMD 13.72 billion. The Central Bank of Armenia, which is not a commercial bank, ranked 154th with AMD 1.79 billion.

The bank figures follow strong earnings. CBJ reported that Armenian banks earned AMD 219.7 billion after tax in the first half, as lending grew by more than a fifth.

What it means for the budget

The data are consistent with a strong year for revenue. The World Bank's Armenia Monthly Economic Update for September said total budget revenues grew 16.3% year on year in July, with VAT and income taxes each rising around 16%. On a cumulative basis the budget was in a surplus of 0.3% of GDP in January to July, against a planned full-year deficit of 4.3% of GDP, partly because capital spending had reached only 33% of the annual plan.

For investors and lenders, the list shows where Armenia's fiscal base is concentrated: re-export trade, mining, tobacco, banking and IT services. New sources are coming. The government has said the Amulsar gold mine will add to budget payments, although its own estimates now come with conditions. The next quarterly list from the State Revenue Committee will show whether the phone trade keeps its place at the top.