Armenia or Panama: which taxes less?

Both tax systems side by side, headline rates and the gap between them.

Level pegging: Armenia and Panama weigh about the same on the taxpayer.

Tax Armenia Panama Gap
Corporate income tax headline rate 18% 0% to 25% −7.0 points
Personal income tax top bracket 20% 0% to 25% −5.0 points
VAT standard rate 20% 7% +13.0 points

Detailed schedules

Corporate income tax

Armenia

General regime 18%
High technology register on revenue, until December 31, 2031 1%

Panama

n/a

See the Armenia page See the Panama page