Armenian PM Nikol Pashinyan today announced that his administration plans to introduce legislation obligating citizens to declare their annual income.

If approved, citizens will have to file their 2023 income reports sometime in 2024.

Currently, income tax is withdrawn from people’s salaries. The current system does not cover additional revenues that people derive throughout the year.

Pashinyan, at a session of the parliament’s joint sitting of the standing committees, said cash sales of assets (cars, apartments, etc.) would not be allowed in cash. Since personal checks aren’t used in Armenia, it’s assumed that such transactions will be done by bank transfers.

The planned change, according to Pashinyan, is to increase the collection of taxes in Armenia.

It’s not clear if the income tax payment method will stay the same according to the proposed legislation.

Pashinyan first mentioned the initiative in May 2020. Then Minister of Finance Atom Janjughazyan said at the time the income declaration would also apply to dual citizens.