By 2025, the Armenian government intends to introduce a system of mandatory declaration of income for all citizens of the country. A corresponding decision was made during the cabinet meeting on Thursday.
“The mandatory declaration of income for all citizens will be introduced in three stages. Moreover, we are considering the possibility of fines for those citizens who do not fill out the declaration,” Finance Minister Tigran Khachatryan said.
The Minister said citizens who hold community or public positions, as well as those citizens who are shareholders in an organization whose turnover exceeded 1 billion drams in 2022, should declare their income in the first stage. as well as those citizens who In 2023, they will receive 20 million drams and more loans and credits. This will also apply to citizens who will have received loans and credits amounting to 20 million drams or more in in 2023
The decision to introduce a system of mandatory declaration of income must also be ratified by the parliament of the republic.