MP: ZCMC issues emerged after government acquired stake in enterprise

MP Artur Khachatryan of the opposition Hayastan faction has criticized the Armenian government’s economic and tax policies, highlighting growing discontent among business operators.

"While you claim there is satisfaction with tax administration, we’re hearing the opposite from businesses," the MP told State Revenue Committee (SRC) Chairman Eduard Hakobyan at parliamentary debates on the 2024 state budget execution on Monday.

He noted that complaints extend beyond taxation and include broader governance issues that are prompting an outflow of foreign capital. Khachatryan pressed Hakobyan on why projected revenue collection targets were missed.

“What internal shortcomings contributed to these shortfalls?” he asked, suggesting that the slowdown in economic growth may also be a contributing factor. “Does the Armenian government acknowledge this as a problem or not?”

The MP also raised concerns over the Zangezur Copper-Molybdenum Combine (ZCMC), one of Armenia's largest mining enterprises. He noted that ZCMC had consistently made advance tax payments since the country’s independence and had always ranked among the top 1,000 taxpayers.

“Problems emerged after the government acquired a stake in ZCMC,” Khachatryan argued.

In response, the SRC head pointed to a decline in ZCMC’s sales revenue in 2024 compared to the previous year, which led to reduced royalty payments in 2025.