ARMENIA: insurers' total income tax increased by more than 37% y-o-y

30 July 2020 —
For the first half of 2020, total taxes of Armenian insurers amounted to AMD 1.2 billion (~EUR 2.22 million*), which is almost 24% more y-o-y. Income tax grew by 37.6% and reached AMD 339.6 million of the total amount of their taxes, ArmInfo reports.

Out of the 6 insurance companies operating on the local market, only RESO was not included into the list of country's 1,000 largest taxpayers in 1H2020, according to the data of the State Revenue Committee of the Republic of Armenia.

Among the local insurers, in terms of tax payments, ROSGOSSTRAKH Armenia was the leader (207th place, AMD 391.1 million of taxes), followed by INGO Armenia (248th place) and NAIRI Insurance (376th place).

* for the following exchange rate:
1 EUR = 540.76 AMD (as of 1 July 2020)