ArmInfo. The top five largest taxpayers in Armenia contributed 173.8 billion drams (approximately $472.5 million) to the state budget during the first half of 2026, marking a 23.4% year-on-year increase. According to data released by the State Revenue Committee (SRC) from the roster of the 1,000 largest taxpayers, this total comprised 3.8 billion drams in customs duties (a 26.7% annual increase), 62.1 billion drams in direct taxes (a 12.7% increase), and 70.3 billion drams in value-added tax (VAT), reflecting a 12% growth.
The combined share of the top five taxpayers in the overall list rose to 16%, up from 14% during the same period last year. This growth is primarily attributed to the return of the Zangezur Copper-Molybdenum Combine (ZCMC) to the lead position. After missing the large taxpayer registry in the first quarter of 2025, ZCMC rebounded in the second quarter to finish just outside the top five at sixth place, subsequently climbing to third place by the third quarter—a standing it maintained through the end of 2025 and the first quarter of 2026. Two years prior, in 2024, ZCMC had headed the list. In the first half of 2026, ZCMC contributed 41.6 billion drams to the state treasury—doubling its payments compared to the previous year. This amount included 582.5 million drams in customs duties, 20.2 billion drams in direct taxes (including corporate income tax and income tax), and 960.1 million drams in VAT.
Mobile Center Art moved to second place (down from first a year earlier), transferring 38.2 billion drams to the state budget (a 16.1% annual increase), which included 736.1 million drams in customs duties, 2.8 billion drams in direct taxes, and 34.8 billion drams in VAT.
Ardshinbank advanced to third place (from fourth), paying 33.6 billion drams to the state treasury—a 20.4% increase over the previous year—including 32.5 billion drams in direct taxes, 230.5 million drams in customs duties, and 147 million drams in VAT.
Gazprom Armenia dropped to fourth place (from third), contributing 31.5 billion drams, which represents a 12.5% year-on-year decrease. This figure comprised 934,000 drams in customs duties, 2.8 billion drams in direct taxes (including corporate income and income taxes), and 27.4 billion drams in VAT.
Rounding out the top five is Grand Tobacco, which slipped from second to fifth place. The joint venture directed 28.9 billion drams to the state budget, a 4.9% decline compared to the previous year, consisting of 2.2 billion drams in customs duties, 3.7 billion drams in direct taxes, and 17.8 billion drams in excise tax.
According to the SRC, Armenia's 1,000 largest taxpayers collectively paid 1.1 trillion drams (over $3 billion) into the state treasury in the first half of 2026, marking a 12.5% increase over the same period last year.
Recall, the top 5 companies in the first half of 2025 included Mobile Center Art, Grand Tobacco Joint Venture, Gazprom Armenia, Ardshinbank, and Ameriabank, which contributed 140.8 billion drams to the state budget, down 15% year-on-year. Specifically, 62.9 billion drams were paid in VAT (down 7%) and 38.1 billion drams in income tax (up 38.5%). (The exchange rate used for calculation was 367.89 AMD/USD as of June 30, 2026.)
