HSBC Bank Armenia largest taxpayer in country’s banking system

PanARMENIAN.Net - HSBC Bank Armenia was the largest taxpayer in the banking system of Armenia in 2011.

According to the results for 2011, the bank ranked 21st in the list of the 1000 largest taxpayers of Armenia, the bank said in a press release.

The amount of taxes paid by HSBC Armenia during the period January-December 2011 totaled AMD 2.920 billion, which was almost 2.5 times higher (a 145% increase) than the volume of taxes paid during the same period of the previous year (AMD 1.186 bln.).

The total sum of direct taxes (including income tax) paid by HSBC Armenia during 2011 was AMD 2.550 billion (184% growth), which was the fifth place amongst total taxpayers and first amongst banks.

“I am very pleased that HSBC Bank Armenia managed to achieve the highest profit in the banking sector and, as a result, we were the largest taxpayer, transferring some AMD 3 billion to the state budget,” commented Astrid Clifford, HSBC Bank Armenia Chief Executive Officer.