Haykakan Zhamanak: Income tax rate to be reduced to 20%
‘Haykakan Zhamanak’ daily writes that under the new Tax Code of Armenia, the income tax rate is set at 20% instead of 24.4% progressive income tax. According to the law currently in force, those who earn more pay higher taxes. A person who earns a monthly income of up to 120,000 drams pays a 24.4% income tax. The rate doubles in case of an income from 120,000 to 200,000 drams, and so on. The draft Tax Code sets the same rate of income tax for everyone – people will pay 20% income tax, regardless of whether they earn 100,000 drams or 10 million drams.