A Limit of 300,000 Drams Set for Transfers Between Relatives, Tunyans Discusses Declaration

During the discussion on the draft amendments to the income declaration system, MP Arman Ghazaryan from the "Hayastan" faction inquired whether a person transferring an equivalent of 320,000 drams in Russian rubles from savings in the Russia to their sister or grandparents would be required to declare that amount under the legislative changes coming into effect on November 1.

MP Babken Tunyans from the "Civil Contract" faction clarified, "Outside family members, a limit has been set on transfers between relatives such as aunts, uncles, and friends' relatives. That limit is currently 300,000 drams," he stated, adding, "The main consideration was regarding the taxation of income, and I want to emphasize that these incomes are not subject to taxation, have not been, and will not be."

It is noteworthy that during the extraordinary session of the National Assembly, a draft legislation is being discussed in the first reading regarding amendments to the system for filling out annual income declarations by citizens of the Republic of Armenia. Accordingly, it has been decided that monetary transfers between family members will not be subject to declaration. Transfers between family members are mainly categorized as non-taxable income, meaning that there is no need to declare monetary transfers between parents and children, siblings, and spouses, as these fall under non-taxable income.