This is your 9-minute Tuesday briefing in 2336 words.
##income tax is lowered in Armenia (with an asterisk)
In 2019 Armenia adopted a law to switch from progressive to flat tax. The flat tax rate was set to decrease by 1% every year, to 20% by 2023.
On January 1, the income tax rate dropped from 22% to 21%.
The rate of Social Security Payments increased by 1%, to 4.5%. Social Security Payments are taxed from workers born after 1974. Those born before 1974 can join the system. It's meant to guarantee retirement pensions.
The Social Security Payment rate is actually 10%, but the government has been subsidizing most of it:
2020: worker 2.5%, govt 7.5%
2021: worker 3.5%, govt 6.5%
2022: worker 4.5%, govt 5.5%
The aforementioned is for workers earning under $1,000/mo. The rate is different for high earners.
https://armenpress.am/arm/news/1072213.html https://www.petekamutner.am/Content.aspx?itn=tsTISocialSecurityPayment https://armenpress.am/eng/news/1072213.html
##IRS chief: The coming years will be crucial in terms of having a new quality customs service
Badasyan: We mark the 30th anniversary of the customs service. The customs infrastructure continues to undergo reforms to simplify and digitize, to make it easier for businesses and reduce corruption.
Especially in recent years, systemic reforms have been implemented with the cooperation of international partners. In the coming years, we will have higher standards. There will be a new system to hire customs officers. //
Pashinyan: Armenia could gain a much greater transit potential if the regional communications are unblocked. The reforms in Customs Service are very important for Armenia to be an attractive transit state. The quality of Customs Services is just as important as physical roads.
Some of the recent reforms include modernizations in Bagratashen, Gogavan, and Bavra checkpoints.
The Northern Foreign Economic Activity Service Center opened in Gyumri. [The $10M construction started in 2019]. It uses modern infrastructure and work style to handle customs clearance of vehicles.
The modernization of the Meghri checkpoint is next. //
https://armenpress.am/arm/news/1072199.html https://armenpress.am/arm/news/1072227.html
##anti-corruption: authorities press bribery charges against several IRS agents and business owners
NSS & ACC report: Several IRS agents were caught taking ֏1.7M in bribes from businesses.
Gagik Hakoby
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creation* made a typo in the title. Sorry!
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