ARMENIA Law and Practice Contributed by: Hayk Hovhannisyan and Suren Sloyan, HAP
Annual financial statements Due by April 15 of the year following the report - ing year. Corporate income tax returns Must be filed by April 15 each year, reflecting income earned during the preceding fiscal year. Quarterly financial reports These reports must be submitted within 30 days of the end of each quarter. Penalties for Non-Compliance Failure to comply with financial reporting and audit requirements can result in fines imposed by regulatory authorities. Additional Disclosure Obligations Companies must also disclose changes in man - agement, amendments to articles of incorpora - tion, changes in shareholders and information about ultimate beneficial owners (UBOs). Failure to submit a declaration on UBOs within the pre - scribed period can result in a warning or a fine. Adherence to these financial reporting and dis - closure requirements is essential for maintain - ing compliance and fostering trust among stake - holders in Armenia’s business environment. 6.2 Disclosure of Corporate Governance Arrangements The disclosure of corporate governance arrange - ments is governed by the Code of Corporate Governance. The Corporate Governance Code aims to enhance the efficiency of company management, protect shareholder rights and promote transparency and accountability within organisations.
(a) an organisation that:
(i) is a person making a public offer of securities or a reporting issuer in the territory of Armenia, with the excep - tion of the International Monetary Fund, the European Central Bank, the European Investment Bank, oth - er international organisations which Armenia is a member of, which are persons making a public offer of securities or reporting issuers, or (ii) is a bank, credit institution, payment and settlement institution, invest- ment company, regulated market operator, central depository, insur - ance company, reinsurance com - pany, insurance brokerage company or investment fund manager. • Medium-sized organisations: (a) an organisation that is not a small organi - sation or a micro-organisation and that, as of the end of the reporting year (for which financial statements must be pre - pared), has not exceeded at least two of the following three indicators: (i) the total amount of the statement of financial position (balance sheet) – AMD10 billion; (ii) revenue from operations – AMD20 billion; or (iii) the average annual number of em -
ployees, calculated in line with the procedure established by the Statis - tical Committee – 250.
Reporting Deadlines The fiscal year in Armenia aligns with the cal - endar year, meaning it ends on December 31 each year. Key reporting deadlines include the following.
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