ArmInfo. From 2024, residents of the Republic of Armenia will submit income declarations for 2023, and from July this year, it will be possible to sell or buy immovable or movable property only non-cash. Prime Minister of Armenia Nikol Pashinyan stated this on May 31 during the discussion of the report on the implementation of the RA state budget for 2021.
Pashinyan recalled that from July 1, 2022, the law "On non-cash payments" and related laws, developed by the Central Bank and providing for strict restrictions on cash, will come into force. According to him, at this stage, legislative norms are being adopted that will make it impossible, for example, to buy and sell an apartment and a car for cash. "Purchases can also be made in cash, but in the future, in the event of any property disputes, they will not have legal protection, such transactions will not have legal force. All transactions must be non-cash, which, in turn, will have additional fiscal effects", the head of government explained. The Prime Minister also stressed the political determination of the authorities to introduce a system of universal declaration of income. "That is, all citizens of the Republic of Armenia must declare their income, which will come into force from 2024 for the income of 2023. It also has a very important economic, political and civilizational significance", he pointed out.
It should be noted that the tax residents of Armenia are considered to be an individual who has been in the Republic of Armenia for a total of 183 days or more in any beginning or ending twelve-month period of the tax year (from January 1 to December 31 inclusive) or whose vital interests are located in the Republic of Armenia, as well as individuals in the public service in the Republic of Armenia, temporarily working outside the territory of the Republic of Armenia.
