The process of recalculation of social payments made by citizens participating in the mandatory component of the funded pension system has started at the Ministry of Finance of Artsakh Republic.
In particular, if a participant in an accumulative pension system receives income from more than one source at a time, and the gross income (wages and equal income, income under civil law contracts) exceeds 500,000 per month, then arises an overpayment of social payments made by the participant (in excess of 12500 AMD), which to be returned to the participant by bank transfer.
In case of overpayment, for the first time the tax authority notifies the participant indicating the amount of the overpayment and the need for the participant to provide information about his bank to the tax authority.
Upon receipt of the notification, the participant must submit his or her bank details to the taxpayer service along with the notification.
Upon receipt of the participant's bank details, the tax authority sends a payment order to the central treasury and the amount is transferred to the participant's bank account.
Subsequently, in case of overpayment of social payment for the same participant, the amount is transferred to the participant's bank account without requiring additional documents.
As of December 12, 2019, the Ministry sent notifications to 220 citizens, 70 of whom have already provided bank accounts and received overpaid social payments, and the remaining participants will be returned after providing the bank account details.