Transactions up to 300,000 drams not subject to declaration – Head of Armenia’s SRC
YEREVAN, January 22. /ARKA/. Transactions up to 300,000 drams are not subject to declaration, said Eduard Hakobyan, head of Armenia's State Revenue Committee, during an interview on Public Television of Armenia. He was responding to a question about whether transactions such as a 50,000 dram money transfer between spouses or a $100 money transfer from abroad need to be declared.
"From this perspective, these two transactions do not need to be declared as they fall within this threshold," he said.
Hakobyan also noted that an analysis of money transfers within the banking system indicated that the vast majority of transactions are below this threshold, according to various estimates.
The head of the State Revenue Committee emphasized that this regulation applies to transactions that are not subject to taxation.
On the Universal Declaration System
The universal income declaration system for citizens and residents in Armenia has been in effect since January 1, 2023, and will be implemented over three years. The draft was finalized by the parliament in December 2022. As Tigran Khachatryan, Armenia's former Minister of Finance, stated in November 2022, the declaration will be pre-filled by the tax authorities. It was planned that the tax authorities' data would automatically populate the declaration, which would then be sent to individuals by email for review.
According to the new system, all adult resident citizens are required to submit a declaration.
In the first stage, declarations were submitted by citizens holding community or public positions, their family members, and individuals engaged in entrepreneurial activities.
In the second stage, starting in 2024, declarations were filled out by private sector employees and individuals who received income under civil law contracts.
From 2025, all other resident citizens, who are not part of the above two groups, will also be required to submit their declarations.
Citizens must submit their declarations by May 1 each year, following the reporting year. Penalties for evasion or late submission include a fine of 50,000 drams for entrepreneurs and 5,000 drams for other citizens. ($1 = 398.84 drams)
