ArmInfo.Amounts exceeding the maximum amount of social payments calculated and transferred from several sources will soon be automatically returned to individuals and there will no longer be a need to contact the tax authority.
According to the RA State Revenue Committee, information about bank accounts of individuals will be obtained online. In other words, through the automatic system, the Central Bank will provide the State Revenue Committee with one valid account number (regardless of the currency) belonging to the individual to which the money will be transferred.
At the same time, if the beneficiary wishes the funds to be transferred to an existing account of his choice, he can visit any SRC service hall or submit the account number electronically through the unified electronic request platform www.e-request.am.
The amounts of social contributions of individuals are returned if the total income received from several sources exceeds 1 million 125 thousand drams per month (15 times the minimum monthly wage of 75 thousand drams) and/or 13 million 500 thousand drams per year (180 times the minimum wage).
Individuals who are tax residents of Armenia pay taxes both on income in the country and on their income throughout the world. Non-residents of Armenia are required to make deductions only from income received in the territory of Armenia. This applies to both individuals and legal entities.
Income tax on wages and equivalent income will be calculated and withheld at a rate of 20%. Its rate is the same for residents and non-residents of the country from January 2023 - 20%.
