Armenian government rejects the opposition's proposal to abolish the universal income declaration system

YEREVAN, March 13. /ARKA/. At a session on Thursday, the Armenian government rejected the proposal from the opposition Armenia parliamentary faction to abolish the universal income declaration system.

The Armenia faction had previously introduced a corresponding legislative initiative, and the bill was submitted for discussion at today’s government session.

The draft was not included in the list of projects to be discussed, and the decision was made without any debate. The justification for this decision stated that the proposal was made without thorough analysis and contradicts the government's program for 2021-2026.

On the income declaration system

The universal income declaration system for citizens and residents is being introduced in Armenia from January 1, 2023, over a three-year period. The draft was finally adopted by parliament in December 2022.

At the first stage, declarations are to be submitted by citizens holding community or public positions (officials, deputies, etc.) and their family members; participants in commercial organizations (shareholders, members, etc.); beneficiaries of the law on combating money laundering and terrorist financing; and recipients of loans or credits exceeding 20 million drams.

At the second stage, starting in 2024, the system will extend to citizens employed under an employment contract (in the private sector) or a civil law contract.

By 2025, all citizens and residents of Armenia who are not part of these two groups will be required to submit declarations.

Citizens must submit their declarations by May 1 of each year following the reporting year. Fines are imposed for non-compliance or late submission — 50,000 drams for entrepreneurs and 5,000 drams for other citizens.