On Wednesday, June 12, the Armenian Parliament finally approved a package of bills "On the Regulation of Gambling Activities" and amendments to related laws.
These amendments introduce the concepts of "large win" and "regular win." If the amount of a single win exceeds 5 million drams (over $12,000), it will be subject to a 5% income tax.
For smaller wins, citizens will be required to calculate the difference between the winnings and the bets placed, and pay a 10% income tax on that difference.
Previously, BMG reported that large wins would actually be subject to a 10% income tax, with the corresponding company acting as the tax agent.
"As for smaller wins, which will occur throughout the year, the relevant authority will calculate the net winnings, and they will be taxed at a rate of 5%. The citizen will pay this tax when submitting their income declaration," said Babken Tunyan, Chairman of the Economic Affairs Committee.
