ARMENIAN CITIZENS TO DECLARE INCOMES BEGINNING IN 2005

In the second reading the National Assembly of Armenia passed the law on declaration of the property and incomes by natural persons. As reported by the press service of the Parliament of Armenia, in compliance with the law, beginning with January 1, 2005 natural persons in Armenia will have to declare their incomes and property. People, whose annual income does not exceed $4 thousand, are exempt from this procedure. In case of concealing incomes the delinquent will be fined at the rate of 10% of the income not mentioned in the declaration. It should be noted that the introduction of the declaration system started in Armenia in 2002 with the state functionaries. Some 6 thousand officials filled in declarations then, while over 45 thousand did in 2003.