October 30, 2012 | 14:45

YEREVAN. - The shadow economy in Armenia is 44.6 percent, opposition
Armenian National Congress MP and former PM Hrant Bagratyan stated
Tuesday at the National Assembly basing himself on the data by Amnesty
International human rights NGO.

In addition, as per Bagratyan, in the case when Armenia was ranked
110th from among 138 countries five years ago, in terms of the level
of shadow economy, now, the country is ranked 129th. And as proof of
Armenia's growing shadow economy, the MP also pointed to the reduction
in the ratio between state income and GDP.

In response, Finance Minister Vache Gabrielyan noted that, owing to
the changes in tax legislation and the administrative measures being
taken, the state budget revenues cannot drop and added that the tax
revenue's share in GDP has increased.

And with respect to Amnesty International's assessment, Gabrielyan
joked that shadow economy evaluations cannot have a decimal-degree
of accuracy.