State Revenue Committee on Declaration of Foreign Transfers and Loans

Many citizens have raised questions about why loans are subject to declaration. As stated by the Deputy Chairman of the State Revenue Committee, Rafael Gevorgyan, during a press conference, the Ministry of Finance and the Government have removed this requirement.

“Regarding the threshold, yes, the threshold has been revised. To explain in simpler terms, in case two friends go to a café, and one pays while the other compensates later, situations like this were not subject to declaration under the law previously, and now they are even less so. The existence of a transaction threshold allows our citizens to not worry at all about such transactions,” he clarified.

According to the Deputy Chairman of the SRC, there is a lot of misinformation in the media regarding this topic; however, their goal is not to uncover minor transactions or impose administrative penalties related to them but to see the overall picture.

“Previously, there have been numerous publications that also constituted misinformation, for example, claims that transfers received from foreign friends would start being taxed, and so on. Experience has shown, as we have stated, that such a reality does not exist and that it was absolutely false,” Gevorgyan noted.