Certain Resident Citizens of Armenia Required to Submit Income Declarations by May 1

Certain resident citizens of Armenia must submit annual income tax declaration forms for the reporting year 2023 by May 1, 2024, inclusive. During a press conference at the Armbusinessbank Press Service, Ashot Semerjyan, head of the Department of Methodology and Procedures of the State Revenue Committee, announced that at this stage, income declarations must be submitted by the following citizens of the Republic of Armenia who are recognized as residents: civil, tax, and customs service employees, as well as those who are shareholders or members of commercial organizations in Armenia that declared a gross income of 1 billion drams or more for the results of 2022, as of December 31, 2023.

Declarations must also be submitted by Armenian citizens considered beneficial owners under the Law on Combating Money Laundering and Terrorism Financing, as well as those who received loans of 20 million drams or more during 2023. “These loans can be obtained from both organizations and individuals. They could be either interest-bearing or interest-free loans. I would like to add that individuals who received loans are excluded from this requirement,” said Ashot Semerjyan.

The system designated for certain resident citizens of Armenia is fully prepared and will be operational by the end of March. Lusine Aivazyan, head of the Department of Change Management and Impact Assessment of the Information Technology Department of the State Revenue Committee, stated that all technical issues have been resolved. At this stage, it is crucial that citizens submitting declarations are prepared.

“By being prepared, I mean they should have an ID card and an electronic signature, and undergo the identification process. My advice to all citizens who must submit declarations and currently do not have an ID card or electronic signature is to address these issues without delay,” said Lusine Aivazyan.

The main advice from the authorities is not to postpone today’s work until the last day and to ensure they have all the necessary tools and start declaring their income after the system goes live. Lusine Aivazyan assured that it is not a particularly complex process. If there are incorrectly filled data, there will be an opportunity to correct them later.

“After identification, a person must be registered, receive a tax identification number, after which they can log into the declaration page, most of which will be filled out automatically. To carry this out properly, we are collaborating with other state bodies. The system will be quite simple, consisting of only a few sections,” said Lusine Aivazyan. The system will also be available through a mobile application.

Individuals filing declarations are entitled to reimbursement from the income tax for social expenses. The person submitting a declaration can benefit from reimbursement for social expenses made for themselves or their family members. Family members include an individual’s spouse, parents, and children. The maximum amount for social expenses related to healthcare is 50,000 drams per year. For education, the maximum is 100,000 drams per year. It is important to note that the maximum limit for all social expenses incurred by an individual and their family members is 100,000 drams per year.