Armenia's Finance Ministry: The share of shadow economy in Armenia is more than 30%

According to the economic calculations, the share of the shadow economy in Armenia is about 30-35% of GDP or even 40%, Armenia's Finance Minister, David Sargsyan, said at today's parliamentary hearings on the draft state budget 2014. 

He said that for reduction of the shadow economy the government is striving to increase ratio of taxes to GDP. This  ratio grew by 3,2% for the last five years.

According to the draft budget 2014, the level of the state revenues and taxes should be 23,12% of GDP versus  23,06% scheduled for 2013 and 21,89% for 2012.

The minister said that in 2014 small and medium-sized business will have no new tax burden.