Armenia reduced the individual income tax rate from 21% to 20% with effect from 1 January 2023. Further, employee pension contributions are as follows from 1 January 2023:

• Monthly gross salary not exceeding AMD 500,000 - 5% on gross monthly salary
• Monthly gross salary not exceeding AMD 500,000 - 10% on gross monthly salary, minus AMD 25,000

In any case, the maximum pension contributions basi…