Bank Accounts of Ordinary Citizens Will Also Be Checked: Draft

The State Revenue Committee of Armenia will inspect not only businesses but also the bank accounts of ordinary citizens. A draft bill proposing amendments to the Tax Code received approval during a government session today.

The necessity for these legislative changes arose from the implementation of a phased system requiring individuals to submit mandatory tax declarations. To verify these declarations, the tax authority will require citizens to provide statements from their bank accounts.

Individuals must submit these statements within three working days. Furthermore, according to the approved amendments, it will be determined under which circumstances the committee will conduct a thorough examination of individual income. This specifically pertains to cases where discrepancies are found between bank statements and tax declarations.

The draft bill proposing amendments to the Tax Code has been presented for discussion in the National Assembly.