In a recent announcement, it has been revealed that as of December 2023, 3000 city residents in Armenia have rental agreements. This information was shared by Rusam Badasyan, the head of the government staff, during a meeting with journalists in Japan on January 4.

Badasyan further explained that in the event that a tenant has not yet signed a rental agreement or has submitted it late, a letter of intent has been prepared. This allows them to present the rental agreement between December 1 and February 1.

It is important to note that all tenants are required to present a rental agreement, as emphasized by Badasyan.

Notably, changes were made to the Tax Code of the Republic of Armenia, which came into effect on December 1, 2023. According to these amendments, individuals who fail to pay taxes on rental income are subject to a fine of 5% of the property value, with a maximum limit of 500,000 Armenian drams. If the violation is repeated within a year, a fine of up to 1 million drams can be imposed.

This news update was brought to you by NEWS.am, delivering the latest news from Armenia.