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Armenia’s tax revenues have increased by 40 billion drams, which will be directed to the reserve fund, Minister of Finance Tigran Khachatryan told a weekly cabinet meeting on Thursday.

The figure thus surpasses the tax revenue target set by the state budget for the first half of 2022.

“As of June 21, the tax revenues amounted to 911 billion drams, an 30% increase from the same period last year,” the minister said.

He attributed the growth to a number of factors, including the improvement of tax administration, an increase in collected profit taxes and state duty for metal concentrates. The rising inflation in the country also contributed to it.

The minister said the revenue surplus will be used to implement educational programs and cover capital expenditures planned for 2023.