If a person receives 500,000 drams, even 3 times in one month, it does not need to be declared

The main goal of classifying the transfer of funds up to 1 million drams as non-declarable income is to simplify the system as much as possible. This was stated by Arthur Aleksanyan, the head of the Revenue Policy and Tax Administration Methodology Division of the Ministry of Finance of Armenia, during a press conference addressing the decision to set new types and thresholds for non-declarable income.

“If a person receives 500,000 drams from a non-commercial organization, even if they receive it 3 times within a month, it does not need to be declared, because the value of a one-time transaction does not exceed 1 million drams. However, if, for example, the income obtained from one-time transactions throughout the entire year exceeds 1 million drams, it will then be subject to declaration. Furthermore, there is no need for citizens to keep track of whether the total income for the entire year exceeds 1 million drams. It is simply necessary to check if that particular transaction exceeds 1 million drams; if so, it will be subject to declaration; if not, then it will not,” said Arthur Aleksanyan.