ArmInfo. Armenian tax authorities will check the bank accounts of not only businesses, but also ordinary citizens, individual taxpayers. The initiative was approved by the Cabinet of Ministers the day before.
Let us recall that as part of the SRC tax control initiative, tax payers are required to provide their bank account statements. The tax authority will request this information through the taxpayer's personal page or by mail (with notification). The taxpayer must submit the bank account statement within 3 working days and give consent for its authenticity to be confirmed by a commercial bank. Failure to comply with the requirement established by law may result in penalties. Non-compliance, such as providing the statement on time or submitting inaccurate information, can lead to a fine of 5% of the sales turnover and/or gross income and/or the maximum income reported in tax filings submitted by the taxpayer to the tax authority for the period of tax control, whichever is higher, but not less than 2 million drams. The fine will double every ten days.
