Personal transfers of up to 1 million drams are not subject to declaration. This was written by People’s Party of Armenia MP Babken Tunyan.
“At today’s meeting, the RA Government approved the types and thresholds of deductible (tax-free) income that are not subject to declaration.
It has been established that the following types of income are not subject to declaration:
1. Loans received without a monetary limit;
2. Lump sums of up to 1 million drams transferred from individuals who are not family members;
3. Awards to athletes and coaches who have won international competitions as part of the RA national team, as well as state awards;
4. Insurance premiums paid by the employer for health insurance, as well as insurance premiums paid under the employer’s contract for (in favor of) individuals or their relatives;
5. The value of cash and non-cash prizes received at competitions, up to 50,000 drams per prize;
6. Property and funds received from individuals who are not family members, by inheritance and/or as gifts, up to and including 1 million drams;
7. Assets, work, and services received free of charge from non-profit organizations, up to and including 1 million drams;
8. Income from the alienation of property owned by an individual or a family member. Income received from individuals who are not sole proprietors and notaries, up to 1 million drams inclusive, with the exception of income received from the alienation of land, as defined in Article 147, Part 1, Clause 38 of the Tax Code of the Republic of Armenia.