What incomes are subject to the 300 thousand drams threshold and in what cases should they be included in the declaration (PART 3, VIDEO)

YEREVAN, January 23. /ARКА/. The State Revenue Committee of Armenia continues to publish answers to common questions regarding the income tax declaration, which must be submitted in 2025 for the 2024 reporting year.

By order of the head of the State Revenue Committee, a threshold of 300 thousand drams has been set for deductible income, and income below this threshold does not need to be declared by the taxpayer.

1. To what income does the 300 thousand drams threshold apply? The 300 thousand drams threshold applies to NON-TAXABLE income received as a gift, loan, sale of property, or gratuitously. This threshold does not apply to taxable income.
2. Does the 300 thousand drams threshold apply to a single transaction or to transactions completed during the day, month, or year? The 300 thousand drams threshold applies to each individual transaction, not to the total sum of transactions completed during the day, month, or year.
3. If you received 300 thousand drams as a gift, do you need to declare this amount? Yes, amounts of 300 thousand drams or more must be included in the declaration. That is, if you received 300 thousand drams as a gift, you must include this amount in your declaration.
4. What should you do if you have already filed a declaration in 2025 before the 300 thousand drams threshold was established? Non-taxable income subject to thresholds can still be fully indicated in the declaration, regardless of whether the specified thresholds (amounts) were exceeded. Therefore, no additional action is required regarding the already submitted declaration. It should be noted that there is no obligation to pay tax on non-taxable income.
5. If a transfer of less than 300 thousand drams was made to your bank account or card, do you need to declare it? If you are a declarant and the amount transferred to your bank account or card as a one-time gift during 2024 is less than 300 thousand drams, you may choose not to include this income in your declaration, or you may include it at your discretion.
6. Does the 300 thousand drams threshold apply to donation amounts received from abroad? Yes, the 300 thousand drams threshold also applies to income received as a donation from abroad. That is, if you are a declarant and the amount transferred to you from abroad as a one-time donation during 2024 does not exceed 300 thousand drams, you may choose not to include this income in your declaration, or you may include it at your discretion.
7. Is it necessary to pay tax if the amount transferred from Armenia or abroad exceeds the 300 thousand drams threshold? No, the 300 thousand drams threshold applies to NON-TAXABLE income received as a one-time donation, loan, sale of property, or gratuitously. Therefore, if transfers exceeding 300 thousand drams were made to your bank account or card as a gift from Armenia or abroad in 2024, declaring this income will not incur any tax liability.
8. If the transaction amount exceeds 300 thousand drams, should only the excess amount or the entire amount be included in the declaration? If in 2024, for example, 400 thousand drams were transferred as a one-time gift, the entire 400 thousand drams should be included in the declaration.
9. Is it necessary to declare salary if it does not exceed the 300 thousand drams threshold? The 300 thousand drams threshold does not apply to taxable income. Therefore, salary must be included in the declaration, as it is considered taxable income.
10. In case of a refund for an online purchase exceeding 300 thousand drams, should this amount be included in the declaration? If in 2024 you made a one-time online purchase exceeding 300 thousand drams, but returned the goods and were refunded the same amount in non-cash form, this is not considered income, and you do not need to include this amount in your declaration.
11. If you did not work in 2024 but received a one-time gift via transfer exceeding 300 thousand drams during the year, do you need to submit a declaration? No, if you did not work in 2024 and are not a declarant under other provisions of the law, but received transfers exceeding 300 thousand drams to your bank card or account from Armenia or abroad, you are not required to submit a declaration in 2025.
12. If you received an amount not exceeding 300 thousand drams from abroad for professional work, should this income be included in the declaration, and is it taxable? The 300 thousand drams threshold does not apply to taxable income. Therefore, the income must be included in the declaration in full, as it is considered taxable income. This income is subject to taxation in Armenia at a rate of 20%, with the tax paid in the foreign country deducted.
13. Are income from the alienation of a share (stock) declared if it exceeds 300 thousand drams? Is this income considered taxable? Is there a deadline for this? There is no specific threshold for declaring income from the sale of a share (stock). However, income from the alienation of shares is considered non-taxable unless the individual contributed a building or other property to an organization's capital in exchange for shares, and then sold those shares in the year of acquisition or within the next three years. In such cases, the sale of shares will be subject to a 20% income tax.
14. If in 2024 you lent another person an amount exceeding 300 thousand drams, and they repaid it within the same year, who includes this amount in the declaration? The person who received the loan must include the loan amount exceeding 300 thousand drams in their declaration. The person who provided the loan does not need to include either the amount of the loan given or the repayment in their declaration.