Foreign-currency payments to an Armenian entity
An Armenian sole entrepreneur or LLC accepts non-AMD payments — USD, EUR, RUB, GBP, CNY or any other foreign currency — via bank transfer, a payment service, a card processor, or another channel. How to issue an Armenian fiscal receipt lawfully and which rate converts to drams.
FX-rate method may change after 1 July 2026
Short answer
Neither the Tax Code nor Government Decision 1976-Ն contains a direct rule that an e-HDM receipt must be in drams. The practical AMD conclusion comes from combining Tax Code Articles 16, 14 and 18 with e-HDM fields: the tax base is converted to drams, tax is calculated and paid in drams, and the electronic receipt contains monetary amounts without a separate currency marker. The rule does not depend on which foreign currency the customer used.
Tax Code Article 16 contains no fallback rule for non-business days. In practice, use the latest available published CBA rate for the payment currency from the official archive. If the archive has no row for the receipt date, use the latest published row and store that row date separately from the receipt date.
Article 6 paragraph 1 of the Law on Currency Regulation requires that prices for goods and services be quoted in drams. The foreign-currency carve-out (paragraph 7) only covers contracts between a resident and a non-resident legal person or sole entrepreneur and does not extend to retail sales to a non-resident individual.
Sources: S5
Scenario answers
Below is the working policy for foreign-currency payments fiscalised through the Armenian SRC/VCR — not abstract currency theory.
Question
Can the Armenian receipt be in the original currency?
Answer
Practical answer: through VCR/SRC, the receipt is in AMD regardless of whether the customer paid in USD, EUR, RUB, CNY or another currency. There is no literal "AMD only" rule: Government Decision 1976-Ն lists "amounts" (գումար) as mandatory fields without a currency label. But the tax base of a foreign-currency operation is converted to drams (Article 16), tax is calculated in drams (Article 14), and tax is paid in drams (Article 18). The source-currency amount is kept in accounting together with the records needed to check the calculation; AMD is sent to e-HDM.
Sources
Question
Which date and which CBA rate are used?
Answer
The CBA average rate for the date the invoice is recorded in the tax/SRC system (e-HDM, e-invoicing). Per SRC clarifications communicated to practising accountants in 2026, this is the date of recording — not the date the service was rendered, not the date the customer's money arrived. Article 16 paragraph 2 frames it as the rate published "before 16:00 of the given day". In practice, CBA publishes the rate for the current day around midday, so if you record the invoice in the morning, the rate for today is not yet available — fall back to the most recent published rate, typically the previous business day. Internally, store: source amount, source currency, rate used, rate date (the CBA archive row date), and recording date.
Sources
Question
What if the recording date is a weekend or public holiday?
Answer
Use the latest CBA rate published before that date — i.e. the most recent business-day row in the CBA archive. Article 16 paragraph 2 has no separate fall-back rule for non-business days, and the practitioner operational rule for weekends is identical to the everyday case: when no rate has been published for the recording date, use the most recent published row. Store both the recording date and the archive row date you actually used.
Sources
Question
Are FX gains and losses taxed separately on the turnover-tax regime?
Answer
No. On the turnover-tax regime — the default for most VCR users (sole entrepreneurs and micro businesses) — the tax base is the gross AMD-equivalent at the date the invoice is recorded. Subsequent FX gains or losses that arise when the foreign-currency proceeds are eventually converted in the bank do not add to or subtract from the turnover-tax base. On the profit-tax regime FX gains and losses are recognised separately — if you operate on profit tax, consult your accountant.
Sources
Question
Can the price be shown to the customer in a foreign currency?
Answer
Article 6, paragraph 1 of the Law on Currency Regulation requires prices of goods and services to be quoted in drams. Paragraph 7 allows foreign currency in a written non-cash contract between a resident legal person/sole entrepreneur and a non-resident legal person/sole entrepreneur; this carve-out does not cover retail sale to a non-resident individual. For an individual buyer, the dram price should be primary; a foreign-currency equivalent can be shown as an auxiliary conversion next to AMD.
Sources
Question
How do refunds work?
Answer
A full refund is issued as a refund e-HDM receipt for the full AMD amount of the original receipt. A partial refund is a refund receipt for the AMD amount on the corresponding lines of the original. The external payment channel refunds the customer under its own rules, while the SRC-side refund is recorded in drams. If exchange rates or fees make the cash refund differ from the dram receipt amount, that is a separate accounting difference; it does not affect the correctness of the refund e-HDM receipt.
Sources
| Question | Answer | Sources |
|---|---|---|
| Can the Armenian receipt be in the original currency? | Practical answer: through VCR/SRC, the receipt is in AMD regardless of whether the customer paid in USD, EUR, RUB, CNY or another currency. There is no literal "AMD only" rule: Government Decision 1976-Ն lists "amounts" (գումար) as mandatory fields without a currency label. But the tax base of a foreign-currency operation is converted to drams (Article 16), tax is calculated in drams (Article 14), and tax is paid in drams (Article 18). The source-currency amount is kept in accounting together with the records needed to check the calculation; AMD is sent to e-HDM. | S1S2S3S4 |
| Which date and which CBA rate are used? | The CBA average rate for the date the invoice is recorded in the tax/SRC system (e-HDM, e-invoicing). Per SRC clarifications communicated to practising accountants in 2026, this is the date of recording — not the date the service was rendered, not the date the customer's money arrived. Article 16 paragraph 2 frames it as the rate published "before 16:00 of the given day". In practice, CBA publishes the rate for the current day around midday, so if you record the invoice in the morning, the rate for today is not yet available — fall back to the most recent published rate, typically the previous business day. Internally, store: source amount, source currency, rate used, rate date (the CBA archive row date), and recording date. | S1S6 |
| What if the recording date is a weekend or public holiday? | Use the latest CBA rate published before that date — i.e. the most recent business-day row in the CBA archive. Article 16 paragraph 2 has no separate fall-back rule for non-business days, and the practitioner operational rule for weekends is identical to the everyday case: when no rate has been published for the recording date, use the most recent published row. Store both the recording date and the archive row date you actually used. | S1S6 |
| Are FX gains and losses taxed separately on the turnover-tax regime? | No. On the turnover-tax regime — the default for most VCR users (sole entrepreneurs and micro businesses) — the tax base is the gross AMD-equivalent at the date the invoice is recorded. Subsequent FX gains or losses that arise when the foreign-currency proceeds are eventually converted in the bank do not add to or subtract from the turnover-tax base. On the profit-tax regime FX gains and losses are recognised separately — if you operate on profit tax, consult your accountant. | S2 |
| Can the price be shown to the customer in a foreign currency? | Article 6, paragraph 1 of the Law on Currency Regulation requires prices of goods and services to be quoted in drams. Paragraph 7 allows foreign currency in a written non-cash contract between a resident legal person/sole entrepreneur and a non-resident legal person/sole entrepreneur; this carve-out does not cover retail sale to a non-resident individual. For an individual buyer, the dram price should be primary; a foreign-currency equivalent can be shown as an auxiliary conversion next to AMD. | S5 |
| How do refunds work? | A full refund is issued as a refund e-HDM receipt for the full AMD amount of the original receipt. A partial refund is a refund receipt for the AMD amount on the corresponding lines of the original. The external payment channel refunds the customer under its own rules, while the SRC-side refund is recorded in drams. If exchange rates or fees make the cash refund differ from the dram receipt amount, that is a separate accounting difference; it does not affect the correctness of the refund e-HDM receipt. | S1S6 |
Foreign currency to AMD conversion policy
Use the same policy for every payment so that the accountant, the tax inspector, and the developer see the same chain.
- 1Record the source payment amount, the payment currency, and the date of the Armenian settlement document. S1
- 2Open the official CBA exchange-rate archive, select the payment currency and the date of the Armenian settlement document. Use the published rate; if there is no row for the receipt date, use the latest published row before that date and store the archive row date as the actual rate date. S1S6
- 3Calculate AMD = source amount × CBA rate for the payment currency, rounded to two decimals with the same rule used for SRC amounts. S1S2
- 4Create a sale in VCR with payment source "non-cash" for the calculated AMD amount. S3S4
- 5In your accounting, store the source amount, the source currency, the CBA rate used, the rate date, the source of the rate, and the payment identifier. S1S6
Worked example
A client paid 10,000.00 RUB on 21 May 2026. The CBA RUB/AMD rate for that date (per the cba.am archive, as of 16:00) is 5.1746. The Armenian e-HDM receipt is for 51,746.00 AMD as non-cash payment. The same procedure applies for USD, EUR, GBP, CNY or any other currency published in the CBA archive — just substitute the rate column for that currency.
Who regulates what
Three parties participate in the Armenian fiscal receipt process: the SRC, the Government, and the CBA.
Party
SRC of RA (State Revenue Committee)
Scope of responsibility
Fiscal receipts, tax base, control over the use of HDM/e-HDM, audits.
Sources
Party
Government of RA
Scope of responsibility
Technical requirements for e-HDM and mandatory fields of the electronic receipt via Decision N 1976-Ն.
Sources
| Party | Scope of responsibility | Sources |
|---|---|---|
| SRC of RA (State Revenue Committee) | Fiscal receipts, tax base, control over the use of HDM/e-HDM, audits. | S1S2S3 |
| Government of RA | Technical requirements for e-HDM and mandatory fields of the electronic receipt via Decision N 1976-Ն. | S4 |
| Central Bank of RA | Currency regulation, dram quotation of prices, publication of the average market rate of the dram against foreign currencies. | S5S6 |
What to keep for inspection
The minimum records for each order must explain why exactly that AMD amount was sent to the SRC.
Where the practitioner material comes from
The real-world experience on this page — what trips up practising accountants, which clarifications SRC has given through practitioner consultations, which date is actually the locking one for the FX rate — is drawn from public discussions in the Armenian community, in particular the «Армения: ВНЖ, банки, налоги» Telegram chat (2024–2026). It is not legal or tax advice — consult a qualified specialist before relying on it.
Source registry
Every conclusion above references one or more entries in this registry. Quotes are short; where the source does not say it literally, the conclusion is marked as a practical inference from the bundle of norms.
Article 16: the tax base of a foreign-currency operation is determined on the date of the settlement document using the CBA average exchange rate. For that day, the rate is the one published by the CBA before 16:00.
Ձևավորվող հարկման բազաները և սկզբնական արժեքները որոշվում են համապատասխան հաշվարկային փաստաթղթի դուրս գրման ամսաթվի դրությամբ՝ ելնելով այդ օրը Հայաստանի Հանրապետության կենտրոնական բանկի հրապարակած՝ արժութային շուկաներում ձևավորված միջին փոխարժեքից։ […] Սույն հոդվածի կիրառության իմաստով […] հիմք է ընդունվում Հայաստանի Հանրապետության կենտրոնական բանկի կողմից մինչև տվյալ օրվա ժամը 16:00-ն հրապարակված միջին փոխարժեքը։Translation: The resulting tax bases and initial values are determined as of the issue date of the relevant settlement document, based on the average exchange rate announced by the Central Bank of Armenia for that day. […] For the purposes of this Article, the basis is the average exchange rate published by the Central Bank of Armenia before 16:00 of that day.
Article 14 paragraph 7 says tax is calculated in Armenian drams; Article 18 paragraph 3 says taxes, advances, penalties and fines are paid in drams. This is not a rule about the receipt currency, but together with Article 16 it fixes the dram basis for the receipt and tax accounting.
Հարկի հաշվարկը կատարվում է հայկական դրամով։ […] Հարկի (այդ թվում՝ կանխավճարի), տույժի և (կամ) տուգանքի վճարումը կատարվում է վճարահաշվարկային համակարգի միջոցով, հայկական դրամով։Translation: Tax calculation is performed in Armenian drams. […] Taxes (including advance payments), penalties and/or fines are paid through the payment and settlement system in Armenian drams.
Article 380.1 paragraph 1 allows e-HDM for sales through an internet site or electronic application. Paragraph 1.1 makes e-HDM mandatory for platform passenger transport/taxi scenarios. Paragraph 4 delegates the technical requirements to the Government; this is Decision 1976-Ն. The receipt currency is not fixed in the article itself.
Կազմակերպությունների և անհատ ձեռնարկատերերի կողմից ինտերնետային կայքի կամ էլեկտրոնային հավելվածի (էլեկտրոնային առևտրային հարթակի) միջոցով ընդունվող պատվերների շրջանակներում ապրանքների մատակարարման, ծառայությունների մատուցման կամ աշխատանքների կատարման գործարքների մասով կարող է կիրառվել էլեկտրոնային հսկիչ դրամարկղային մեքենա։Translation: For organisations and sole entrepreneurs, an electronic cash register machine may be applied in respect of transactions involving the supply of goods, provision of services or performance of works within orders accepted through an internet site or electronic application (electronic trading platform).
Subordinate act listing the mandatory fields of an e-HDM receipt (Appendix N 7, section 2). Amount fields are described as "գումար" (amount) with no currency label. There is no "the receipt must be in drams" rule in 1976-Ն; AMD comes from the bundle of Tax Code Articles 16 + 18 and the SRC schema. Foreign currency is not mentioned in 1976-Ն.
11) վճարման ենթակա գումարները՝ ըստ բաժինների. 12) ընդհանուր գումարը՝ ներառյալ ԱԱՀ-ն, եթե գործարքն իրականացնողը ԱԱՀ վճարող է, և գործարքը ենթակա է ԱԱՀ-ով հարկման, բացառությամբ «կանխավճար» գրառում ունեցող էլեկտրոնային կտրոնների. 13) ԱԱՀ-ի գումարը, եթե գործարքն իրականացնողը ԱԱՀ վճարող է, և գործարքը ենթակա է ԱԱՀ-ով հարկման, բացառությամբ «կանխավճար» գրառում ունեցող էլեկտրոնային կտրոնների.Translation: 11) amounts payable, by section; 12) total amount including VAT, if the operator is a VAT payer and the transaction is subject to VAT, except for electronic receipts marked "advance"; 13) VAT amount, if the operator is a VAT payer and the transaction is subject to VAT, except for electronic receipts marked "advance".
Regulates currency quotations of prices, not the payment itself. Paragraph 7 allows expressing a price in foreign currency between a resident and a non-resident legal person/sole entrepreneur, but does not cover retail sale to a non-resident individual. The price for an individual buyer must formally be in drams.
Հայաստանի Հանրապետության տարածքում ապրանքների (գույքի) իրացման, ծառայությունների մատուցման, աշխատավարձի և դրան հավասարեցված այլ վճարների վճարումների, գույքի գնահատման և աշխատանքների կատարման, գույքի օգտագործման դրամական (փողային) գնանշումներն իրականացվում են Հայաստանի Հանրապետության դրամով, բացառությամբ սույն օրենքով նախատեսված դեպքերի։ […] Անկանխիկ վճարումներ նախատեսող և գրավոր ձևով կնքված պայմանագրերում գնանշումները կարող են կատարվել արտարժույթով, եթե այդ պայմանագրերը կնքվել են իրավաբանական անձ կամ անհատ ձեռնարկատեր հանդիսացող ռեզիդենտի և իրավաբանական անձ կամ անհատ ձեռնարկատեր հանդիսացող ոչ ռեզիդենտի միջև։Translation: On the territory of the Republic of Armenia, monetary quotations of prices for sale of goods (property), provision of services, payment of wages and other equivalent payments, valuation of property, performance of works and use of property shall be carried out in Armenian drams, except in cases provided by this law. […] Price quotations in contracts providing for non-cash payments and concluded in writing may be carried out in foreign currency if such contracts are signed between a resident legal person or sole entrepreneur and a non-resident legal person or sole entrepreneur.
Human-readable source for any AMD cross-rate. The CBA archive shows selected currencies (USD, EUR, RUB, GBP, CNY and others) in a table by date; for example, the 21.05.2026 row contains USD = 367.86, EUR = 426.98, RUB = 5.1746. For weekends and holidays, store the receipt date and the archive row date used for the rate.
Exchange archive […] Rate Choose […] EUR 1 RUB 1 USD 1 […] 21.05.2026 426.98 5.1746 367.86 […] Updated at: 25.05.2026.