«Joghvourd». Significant Changes to the Tax System After January 1, 2020

«Joghvourd» newspaper reports: Significant changes to the tax system will occur after January 1, 2020. As it is known, in June of this year, a draft to amend the Tax Code was accepted in parliament in the second reading and was fully adopted, coming into force on January 1.

Thus, starting January 1, all salaried individuals will pay a 23% income tax, which will decrease by 1% each year, eventually establishing a 20% income tax rate by 2023.

In addition, there will be changes to the funded pension system. Currently, citizens pay a mandatory contribution of 2.5% from their salary, while the state contributes 7.5%. This will gradually be equalized by 2023. Specifically, from 2020, citizens will pay 3.5%, in the following year 4.5%, and by 2023, it will be 5%.

For more details, see today’s issue of the newspaper.