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(1) Under the Budgetary System Law, the Government has the authority to allocate extra-budgetary funding (which arises from the collection of fees by Government agencies, e.g., the issuance of licence plates and passports, fines, and donations from multilateral organisations). This funding is not recorded as a separate line-item in the State Budget, but rather is distributed among existing line items based on the sphere to which the money is allocated. This funding is not subject to approval by the National Assembly. However, the Government’s approval of such spending is considered an amendment to the State Budget and is subject to the same execution processes and reporting rules as the other items of the State Budget. Extra-budgetary funds in the periods under review were as follows: AMD15.5 billion (1.7% of annual expenditures) in 2009; AMD18.8 billion (2.0% of annual expenditures) in 2010; AMD21.9 billion (2.2% of annual expenditures) in 2011; AMD23.7 billion (2.4% of annual expenditures) in 2012; AMD31.9 billion (2.8% of annual expenditures) in the 2013; AMD19.2 billion (2.6% of period expenditures) in the nine months ended 30 September 2013; and AMD20.2 billion (2.4% of period expenditures) in the nine months ended 30 September 2014. (2) During the periods under review, “other reserve funds” consisted of solely the Government Reserve Fund. (3) Calculated as a percentage of Armenia’s nominal GDP. Source: Ministry of Finance. Revenues The Government’s principal sources of revenues are taxes, in particular, VAT, personal income taxes and profit taxes. See “—Armenian Tax System—Tax Structure.” Total revenues have grown over the past five years, from AMD690.0 billion in 2009 to AMD1,071.4 billion in 2013, an increase of 55.3%. In the nine months ended 30 September 2014, total revenues comprised AMD832.8 billion. Revenues experienced year-on-year growth in each year under review, and tax revenues as a share of GDP increased from 19.9% in 2009 to 23.4% in 2013 (in part achieved through the elimination of income tax exemptions for the military and law enforcement personnel, the introduction of a new royalty regime for mining and improved taxpayer monitoring capabilities) In the nine months ended 30 September 2014, revenues increased by 5.6%, compared to the nine months ended 30 September 2013, driven mainly by a 14.1% increase in personal income tax collections and an 8.0% increase in VAT collections. The increasing contribution of personal income tax revenues to the State Budget is mainly due to the reclassification of social contributions as personal income tax, commencing 1 January 2013. Taxes and duties represent the largest share of Government revenues, accounting for 93.4%and 93.5%, respectively, of State Budget revenues in 2013 and the nine months ended 30 September 2014. Due to a combination of GDP growth and measures taken to improve tax collection (see “—Armenian Tax System—Reforms”), tax revenues and duties increased by 60.1% between 2009 and 2013, driven largely by substantial growth in personal income tax receipts (resulting principally from the reclassification of social contributions as personal income tax revenues), a 58.1% increase in VAT collections and a 52.3% rise in profit tax collections. The following table sets forth certain additional information about State Budget revenues for the periods indicated: State Budget Revenues
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