The Armenian State Revenue Committee has clarified the rules for declaring money transfers. According to the head of the committee, Eduard Hakobyan, in an interview with Public Television of Armenia, transactions up to $754 are not subject to mandatory declaration.
The tax authority chief explained that this rule applies to all non-taxable operations, including money transfers between family members and small international transactions. For example, a $126 transfer between spouses or receiving $100 from abroad will not require filing a declaration.
Hakobyan noted that the decision was made following a thorough analysis of banking operations, which revealed that a significant portion of money transfers in the country does not exceed the $754 threshold.
The $754 threshold applies to each individual transaction, rather than the total amount of such operations. The State Revenue Committee clarified that this rule concerns personal money transfers classified as gifts.
BMG reminds that Armenia will significantly expand its universal income declaration system starting in 2025. All salaried employees, except foreign nationals, will be required to file tax declarations for 2024 using the State Revenue Committee's electronic system.
The system automatically generates most information on employment income from the tax service database. Declarants must also report non-employment income, including rental income and bank deposits. Monetary gifts and loans are subject to declaration but are not taxed.
Unlike public officials, ordinary citizens are required to report only their income, not their expenses. The exceptions include social expenses for education and health insurance in Armenian institutions, which are eligible for a tax deduction of up to 100,000 AMD (approximately $250).
Declarations can be filed through the State Revenue Committee's website after electronic identification using the "Es Em" system, a taxpayer’s personal account, an ID card, or a specially configured SIM card. The deadline for submission is May 1, 2025. Penalties for late submission range from 5,000 to 50,000 AMD, and hiding income can result in a 1.5x increase in the tax owed.
