Electric Networks of Armenia drops out of top ten taxpayers

Armenia’s State Revenue Committee has released its latest ranking of the country’s 1,000 largest taxpayers for the first quarter of 2026, revealing significant changes at the top of the list.

Mobile Centre Art has emerged as the leading taxpayer, contributing 21.3 billion drams to the state budget. The company has overtaken Gazprom Armenia, which now ranks second with 19.4 billion drams, after leading the table in the same period last year.

Zangezur Copper-Molybdenum Combine comes third, paying 15.4 billion drams. Its rise is striking, given that in early 2025 it did not even feature among the top 200 taxpayers.

Grand Tobacco follows in fourth place with 11.4 billion drams, while Soft Construct has climbed to fifth, doubling its tax payments year-on-year to 8 billion drams. IMVBAM, representing Wildberries, holds steady in sixth place with 6.8 billion drams.

The remainder of the top ten includes Digitain (7th, 6.7 billion drams), Philip Morris Armenia (8th, 6.3 billion drams), City (9th, 6.1 billion drams) and Teghut (10th, 6.1 billion drams).

One of the most notable developments is the decline of Electric Networks of Armenia (ENA). Once a regular presence in the top ten, ENA has slipped to 14th place with 4.5 billion drams in taxes. In the first quarter of 2025, the utility ranked ninth with 4.4 billion drams.

Overall, Armenia’s 1,000 largest taxpayers contributed more than 459.27 billion drams between January and March 2026. This marks a year-on-year increase of nearly 50 billion drams compared with the 409.35 billion drams collected during the same period in 2025.