Clarification on changing the maximum monthly limit of the object of calculating social payments from July 1, 2020
The State Revenue Committee informs that according to the law “On accumulative pensions”, from July 1, 2020, the maximum monthly limit for the object of calculating the social payment of participants in the accumulative pension system is set at fifteen times the minimum monthly salary (1,020,000 drams), and the maximum annual limit is one hundred and eight times the minimum monthly salary (12 240 000 drams). Until July 1, 2020, the maximum monthly limit of the object of calculation of social payment is 500,000 drams, and the maximum annual limit is 6,000,000 drams. In connection with the above provision, it should be borne in mind that from July 1, 2020, salaries and equal income in the following amounts: - in the amount of 5%, if the monthly salary does not exceed 500,000 drams, - in the amount of the difference between 10% and 25,000 drams if the monthly salary exceeds 500,000 drams. Moreover, until December 31, 2020, the state will continue to make half of social payments for workers and individuals who are not private entrepreneurs, but not more than 12,500 drams. At the same time, until December 31, 2020, the difference between the cumulative allocations made for the indicated persons and the calculated and transferred social payment from the income of these persons cannot exceed AMD 37,500 per month. From July 1, 2020, social payments from entrepreneurial income will be made in the following amounts: - in the amount of 5%, if the size of this annual income does not exceed 6,000,000 drams, - in the amount of the difference between 10% and 3,000,000 drams if this annual income exceeds 6,000,000 drams. Example 1. The salary and equal income calculated for the employee in July 2020 is 700,000 drams. In accordance with article 6 of the law “On accumulative pensions”, the accumulative allocation for hired employee will make 70,000 drams, of which the amount of social payment actually deducted from the employee's salary will be 32,500 drams, the amount allocated from the Artsakh state budget for hired employee - 37,500 drams (12 500 + 25 000): Example 2. The salary and equal income calculated for the employee in July 2020 is 1,300,000 drams. In accordance with article 6 of the law “On accumulative pensions”, the accumulative allocation for hired employee will make 102,000 drams, of which the amount of social payment actually deducted from the employee's salary will be 64,500 drams, the amount allocated from the Artsakh state budget for hired employee - 37,500 drams (12 500 + 25 000):
Clarification
Tax service