Personal Receipts up to AMD 1 Million Will Not Be Subject to Declaration

According to a decision of the Government of Armenia, one-time monetary receipts of up to AMD 1 million received from an individual who is not a family member will not be subject to declaration.

The list of non-declarable items also includes:

1. Loans received – without limitation on amount.
2. Prizes awarded to athletes and coaches of the Armenian national team who have won international competitions, as well as state awards.
3. Medical insurance premiums paid by the employer, including contributions made in favor of the individual or related persons.
4. Monetary and non-monetary prizes in competitions – up to AMD 50,000 per prize.
5. Property and monetary assets received by inheritance or as a gift from individuals who are not family members – up to and including AMD 1 million.
6. Gratuitously received assets, works, and services from non-profit organizations – up to AMD 1 million.
7. Income derived from the disposal of property owned by an individual and received from persons who are not family members, except for specific cases of land sales as предусмотрено the Tax Code of the Republic of Armenia.

The decision is aimed at reducing administrative burden and simplifying declaration requirements for citizens when receiving small amounts of income.