ArmInfo. In 2019, revenues to the state budget of Artsakh will increase by an additional 5 billion drams, Adviser to the President of Artsakh, the former Prime Minister of the Republic, Arayik Harutyunyan, announced this on his Facebook page.
"Days earlier, the Artsakh National Assembly passed the bill of the MP from the 'Movement-88' faction Eduard Aghabekyan on amending the law on subsoil use, according to which tax benefits for the mining company Base Metals were abolished, which will increase revenues to Artsakh state budget by an additional 5 billion drams. Thus, the government will have more opportunities to solve many socio- economic problems in Artsakh, " Arayik Harutyunyan wrote.
Earlier, ArmInfo reported that following the results of 2019, the surplus of the budget of Artsakh Republic is expected to be 1 billion 136.5 million drams. As stated by Artsakh's Minister of Finance Artur Harutyunyan during a working discussion with the President of the Republic Bako Sahakyan, this figure is unprecedented for the country. Thus, the revenues of the Artsakh State Treasury in 2019 will increase by about 16 billion drams - from the figure of 96 billion 428 million drams to the figure of 112 billion 547 million drams, which were laid out in the approved budget for 2018. Of these, tax revenues and state fees will make 54 billion 200 million drams. Expenditures are expected to be about 111 billion 410.5 mln drams instead of the current 101 billion 538 million drams. The growth of the budget expenditures, according to the head of the Ministry of Finance, is mainly due to the increase in capital expenditures by 1.6 billion drams, and the health and social welfare sectors will receive more by 770 million and 480 mlm drams, respectively. In turn, capital expenditures will be spent on the implementation of programs for the construction of a number of social facilities, and health workers will have a 15% salary increase. The social security sector will spend additional budget allocations for the introduction of a funded pension system. To note, in the framework of the planned in 2019-2021 macroeconomic indicators of the Republic of Artsakh, GDP in 2019 will be 333.2 billion drams, in 2020 - 367 billion drams, and in 2021 - 404.2 billion drams. Own budget expenditures in 2019-2021 are projected at 56, 68 and 70 billion drams, respectively. Expenditures of the budget in 2019 will make 110.7 billion drams, in 2021 - 111 billion drams, in 2021 - 112.6 billion drams.
Earlier it was reported that the financial authorities of Artsakh plan to complete the year 2018 with an absolute GDP index of over 300 billion drams, instead of the previously planned 291 billion. The deficit of the state budget of Artsakh in 2018 is projected at 5 billion 110 million drams. In January-October of the current year, tax revenues to the state budget of the Republic of Artsakh amounted to 43 billion 998 million 100 thousand drams, exceeding the planned 43 billion 100 million drams by 2.1% or 898 million 100 thousand drams. Tax revenues and duties for the previous year exceeded 45.2% or 13 billion 691 million 600 thousand drams. According to the Ministry of Finance of Artsakh, more than 10 billion 441 million 400 thousand drams from this amount is connected with an increase in tax revenues paid by Base Metals CJSC, while 3 billion 250 million 200 thousand drams are secured due to the economic growth registered in the republic, and also thanks to the consistent administration carried out by the tax authority. Vallex Group was established in 1998 and unites 20 subsidiary and affiliated companies. Among them, JSC "Teghout" created in 2006 to coordinate the Teghout project, Base Metals, CJSC, operating the copper-gold deposit in the village of Drmbon of the NKR Martakert region, Armenian Copper Program CJSC (ACP), operating the Alaverdi copper foundry.