Armenia plans to introduce a new universal income declaration system

YEREVAN, February 10. /ARКА/. Armenia is preparing to implement a new universal income declaration system, State Revenue Committee Chairman Eduard Hakobyan announced at a press conference.

"We are striving to create a new system. A tender has been announced," Hakobyan said on Tuesday. He noted that starting this year, pensioners will also be required to complete income declarations.

"Our system will be linked to other government systems, allowing for automatic receipt of information on pensions and social benefits," Hakobyan explained.

He also mentioned that, with the applicant's consent, banks will submit deposit and income data to the State Revenue Committee system.

"In this case, they will be automatically included in declarations," Hakobyan added.

The universal income declaration system for citizens and residents will automatically populate their declarations with income information stored by tax authorities, which the declarant will then be required to verify and confirm.

According to current regulations, all adult citizens residing in the country are required to file a declaration by November 1. Failure to comply with the requirements or late filing of declarations entails fines of 50,000 drams for entrepreneurs and 5,000 drams for other individuals.

If a citizen believes that their actual income matches the income stated in the tax declaration filed with the State Tax Committee, they need not take any action, and the tax declaration will be considered complete and filed.-0-