NATURAL PERSONS TO HAVE TO DECLARE THEIR PROPERTY AND INCOMES IN ARMENIA FROM JANUARY 1, 2008
Author: Tonoyan Susanna
Editor: Eghian Robert

Noyan Tapan News Agency, Armenia
Oct 4 2007

YEREVAN, OCTOBER 4, NOYAN TAPAN. In accordance with the RA Law on
Declaration of Property and Incomes of Natural Persons and the RA
Law on Incomes, the Armenian government at the October 4 sitting
approved the order of filling in a declaration on property and
incomes of a natural person and the form of such a declaration. The
government’s decision No 27 of January 14, 2002 on approval of the
forms of declaration of property and incomes of the RA government
bodies’ officials and persons interrelated to them and on the order
of filling in and keeping these forms was recognized as invalid.

By another decision, the list of information included in a declaration
of property and incomes of natural persons and subject to making public
and the order of providing this information to the press has been
approved. The RA government’s respective decision No 304 of April 1,
2002 was recognized as invalid. The above mentioned decisions will
take effect on January 1, 2008.

The deputy head of the RA State Tax Service Armen Alaverdian told
reporters following the sitting that the decisions solve procedural
issues of the Law on Declaration of Property and Incomes of Natural
Persons which will take effect on January 1, 2008.

He said that starting from January 1, Armenian citizens whose annual
income exceeds 8 million drams, who have more than 6 million drams in
their bank account and possess real estate of over 40 million drams
will have to declare their incomes. According to him, these persons
have to declare their real estate, movables, money, incomes from
securities or other investment, ingots of precious metals in banks.

A. Alaverdian said that a fine of 5% of undeclared incomes will be
imposed for declaration evasion. The mass media may receive information
about any person presenting a declaration.