Armenia's IT sector has experienced unprecedented growth over the past 10 years, recording an average annual growth of 23%. Over the last 2 years, more than 20 startup companies in Armenia have received a total of $700 million in investment. RA startups are exempt from business taxes, and income tax for employees is 10%. According to the data for 2021, the total turnover of IT companies operating in Armenia crossed the $1bln mark. As of 2021, 29,000 professionals work in the sector.
The year 2022 is unprecedented in the number of applications and issued certificates for tax exemption. If in 2015-2021 During this period, 1074 organizations received a certificate of tax exemption, then only in 2022, as of September 26, the number of certified companies is 1039, of which 716 are foreign organizations. 195 organizations have already submitted an application for certification, whose applications will be discussed in the upcoming sessions.
Companies applying for tax exemption are engaged in the following areas defined by the Law: software development, data processing, implementation of educational and research programs in the field of information technology, design, testing and production of electronic systems, computer animation and modeling, Web programming, engineering, integrated circuits. design, chip programming, game creation, 3D modeling, etc.
Armenia's IT sector is developing at a fast pace and is recording significant results. Armenia's startup ecosystem was recognized as the best in the Caucasus, for the first time an IT company was included among the 10 largest taxpayers in Armenia in 2022, in addition to the fact that influential companies in the world's IT sector, such as NVIDIA, Adobe, Synopsis, AMD, TeamViewer, Renderforest, Miro and BostonGenes choose Armenia as the next location for their offices, branches, analytical and R&D centers.