Babken Tunyan Details Types of Income Not Subject to Declaration

Until 1 million AMD, personal transfers will NOT be subject to declaration. This was stated by MP Babken Tunyan from the ruling Civil Contract party on his Facebook page.

Today, the Armenian government approved the types and thresholds of income that are not subject to declaration. It was established that the following types of income will not require declaration:

• Amounts received from loans, without monetary limitation,
• One-time transfers from individuals who are not considered family members, up to 1 million AMD,
• Prizes awarded to athletes and coaches who have won international competitions as part of the Armenian national team, as well as state awards,
• Contributions made by the employer for health insurance, as well as insurance premiums paid for individuals or their connected persons (for their benefit),
• Cash and tangible prizes received from competitions, not exceeding 50,000 AMD for each competition,
• Property, monetary means received from individuals who are not considered family members, inherited and/or through donation, up to and including 1 million AMD,
• Assets, works, and services received free of charge from non-commercial organizations, up to and including 1 million AMD,
• Income received from the sale of property owned by individuals that are not family members and do not involve individual entrepreneurs and notaries, up to and including 1 million AMD, except for income from the sale of land plots as defined by paragraph 38 of part 1 of article 147 of the Tax Code of Armenia.