CIT and PIT Rates to Be Reduced in Armenia
According to the proposed amendments, Armenia will shift to a single averaged payroll tax rate of 23%, after which it is to gradually drop to 20% by 2023. Concurrently, the proposed changes would bring back the social payments (pension contributions) of 5%. The changes also call for cutting corporate income tax rate by 2% to 18%, while tax on dividends received in Armenia by non-resident companies is to be cut from 10% to 5%.
In response to reduction of its revenue, the government will raise excise taxes on certain goods such as alcohol and tobacco. Proposed Tax Changes to Affect Workers with 150,000 Drams Monthly Wages, ARKA (Jan. 9, 2019).