Tuesday, 28 August 2012
RA New Law on “Income Tax” Comes Into Force in January 2013
By the RA new law on “Income Tax”, income tax, compulsory social security and personal social security payments were united into one “Income Tax”. During the press conference, held at the Government’s office, RA minister of Labor and Social Affairs Artem Asatryan informed, that the law, adopted within the framework of pension reforms, will come into force in January 2013.
“Thus, the aim is to optimize the employers’ reports, which will be presented solely in an electronic form. This means, that the employers will not be obliged to visit tax authorities,” said Asatryan, clarifying that the RA law on “Income Tax” does not include a lowering of wages. According to him, in January 2013 the maintained income tax from the wages paid to the employees should not be less than that of 2012.
RA Minister of Finance Vache Gabrielyan said that according to this law, in January 2013 the employees should receive as much money as they received in December 2012. “If such thing happens, and the employees receive less money, the tax authority will carry out supervision. The law is designed so that the employees’ actual real incomes won’t decrease,” said the RA Minster of Finance.
