The State Revenue Committee (SRC) of Armenia has issued new requirements for filing tax declarations for 2024, significantly expanding the range of citizens required to report their income by May 1, 2025.
The list of declarants now includes all salaried employees and individuals who earned income under civil contracts during 2024. Mandatory declarations are also required for the incomes of government and municipal employees, as well as individuals holding public positions as of the end of 2024.
Special attention is given to participants in large businesses: shareholders and members of resident companies with a gross annual income exceeding $2.5 million in 2023 must declare their incomes. Additionally, beneficial owners under anti-money laundering laws and individuals who received loans exceeding $50,000 are subject to declaration requirements.
The SRC specifically noted that bank loans, including mortgages, are not considered as loans requiring declaration. Furthermore, minors are exempt from filing declarations. However, the obligation to declare income from property rentals and other earnings from non-tax agents remains in effect.
Tax residency status is determined by spending more than 183 days in Armenia within the year or by having a center of vital interests in the country, such as family, property, or primary professional activity. Public servants working abroad are automatically considered tax residents of Armenia.
