Starting in 2025, Armenia will enforce stricter regulations on businesses regarding the purchase of fruits and vegetables, requiring proper documentation. Additionally, small and medium-sized enterprises will undertake the responsibility of tax agents. This legislative move, approved by the Cabinet on March 21, aims to address tax evasion concerns and reduce shadow economic activities.
The initiative follows amendments to the Tax Code made in October 2023, mandating the documentation of expenses for taxpayers with an annual turnover below 115 million drams (EUR250,058).
Under the new regulations, specific procedures are introduced for documenting purchases from individuals. Electronic purchase documents must include detailed information such as serial numbers, dates of issuance and delivery, quantity and price of goods, and details of both the seller and purchaser.
These measures are scheduled to come into effect on January 1, 2025, applying to transactions made thereafter.
source: finport.am