Armenia

Starting from 1 January 2023, income tax should be calculated at a 20% flat rate.

Income tax that has not been duly withheld can be withheld for the period of no more than the last three months, and the excess tax withheld from the taxpayer shall be offset against future withholdings or should be refunded within one month after it has become known but no more than for the last three years.

From 1 July 2018, all employees, notaries, and individual entrepreneurs born after 1 January 1974 should make funded pension contributions. 

Starting from 1 January 2023, the maximum threshold for the calculation of the pension contribution is AMD 1,125,000 Armenia dram (AMD) (15 times the minimum monthly salary of AMD 75,000). Please note that from 1 January 2023 the minimum monthly salary is increased from AMD 68,000 to AMD 75,000.

From 1 January 2023, the pension contribution payment will be calculated as follows:

• 5% of the monthly gross salary if it is less than AMD 500,000.
• 10% of the maximum threshold minus AMD 25,000 if the monthly gross salary is more than AMD 500,000 (capped at AMD 87,500).

Starting from 1 January 2020, dividends received by foreigners are subject to 5% income tax (dividends from the income generated after 1 January 2020), like dividends received by Armenian citizens.

The monetary prizes and benefits in kind received at competitions, up to AMD 50,000 per prize, are non-taxable.