Հայաստանի Հանրապետության հարկային համակարգի ներդրումային գրավչության հիմնախնդիրները

Abstract

Amidst global economic uncertainty and regional risks, improving investment attractiveness has become a core priority for Armenia's economic policy. While the overall tax burden is a critical factor for investors, the efficiency, predictability, and transparency of tax administration play an equally decisive role in attracting capital. This article identifies the central barriers to investment within the current Armenian tax system and proposes actionable avenues for improvement. The study examines the structural characteristics of Armenia's tax framework, assessing the current investment environment and the degree to which domestic tax policy actively encourages capital inflow. It reviews recent state incentive mechanisms and live investment projects to gauge policy effectiveness. Notably, the dynamics of the Armenian Government’s programs from 2008 to 2026 reveal a strategic shift from pursuing purely quantitative investment targets to encouraging high-quality, knowledge-based investments. This shift requires the implementation of more flexible and sophisticated tax instruments. Using data collection, descriptive, and comparative methodologies, the research analyzes the provisions of the Republic of Armenia's Tax Code and the Law "On Foreign Investments," supported by theoretical foundations from both domestic and international scholarship. The findings indicate that the primary driver for increasing Armenia's investment attractiveness lies in administrative efficiency. By successfully combining systemic digitalization with targeted tax incentives, the government has a clear opportunity to reduce operational costs for investors and significantly boost the overall competitiveness of the Armenian economy.