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The Armenian government on Thursday approved a draft decision calling for the introduction of a system of universal declaration of income in 2023.

At a cabinet meeting on Thursday, Minister of Economy Tigran Khachatryan said the system will be introduced in three stages, gradually involving all resident citizens of Armenia within the next three years.

Under the decision drafted by the Ministry of Finance, declarations, including data on incomes and taxes of citizens, will be pre-filled by tax authorities and made accessible for declarants electronically.

Entering the electronic system with identified data, declarants will be able to verify the data, make changes and additions to it, if necessary.

The final version of the declaration will have to be approved by April 20 of each year, Khachatryan said, adding those who fail to confirm their declarations will face penalties ranging between 20,000 and 300,000 drams.

The government submitted the draft decision to the National Assembly for urgent discussion.