Civilnet
By Siranush Adamyan
Armenia’s 1,000 biggest companies paid more than $5.1 billion in taxes last year, marking a year-on-year increase of almost 16%, according to the newest annual ‘top taxpayers’ list, published this week by Armenian customs authorities.
Mobile Center, Armenia’s largest electronics retailer, took the number one spot on the list, at about nearly $206 million in taxes. That’s about 53% higher than what the company paid the year prior, suggesting a massive increase in revenues.
Mobile Center was followed by Grand Tobacco, a major cigarette manufacturer, at about $175 million in taxes.
The Zangezur Copper-Molybdenum Combine, Armenia’s largest mine, fell from its traditional number one spot to number three, at just under $138 million in taxes. Compare that to 2024, when the mine paid about $255 million to the government. The possible reasons for such a big drop was not immediately clear, especially with global copper prices surging in 2025.
The Zangezur Combine was followed by Gazprom Armenia, the local subsidiary of the Russian state energy giant, and Ardshinbank, Armenia’s biggest lender.
Other firms in banking, cigarette production, energy, and technology rounded out the rest of the top 10.
While not a perfect measure of companies’ revenue, observers say the annual ‘top taxpayers’ list provides a helpful window into Armenia’s economy and how businesses are doing.
In recent years, the list has shifted significantly. Historically, firms involved in mining, energy, and tobacco production dominated nearly all of the top slots, but now there has been a surge in the number of consumer goods companies and banks included as well. Researchers say that reflects those sectors’ increased profits as international trade with Russia has been rerouted partially through Armenia.
In the past few years, there’s also been a notable increase in the number of technology companies on the list. Last year, the highest tax-paying tech company, the gaming software provider Digitain, paid about $70 million, according to the data.
In general, Armenian tech companies benefit from generous tax breaks and sweeteners from the government, and so the ‘top taxpayers’ list often understates their growing importance to the country’s economy.
Overall, the Armenian government collected about $7.2 billion in taxes last year, representing a roughly 20% increase in tax revenues year-on-year. That means the country’s 1,000 biggest companies paid about 70% of all taxes last year. Armenian Prime Minister Nikol Pashinyan has repeatedly said improving tax collection is a priority for his administration.
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