Plan to revise US-Armenia Double Tax Treaty inspiring for businesses - minister
Minister of Finance Vardan Aramyan on Thursday addressed the recently proposed plan to revise the Double Tax Treaty between the United States and Armenia, highlighting the advantages of the deal as a major stimulus for businesses.
Speaking to reporters after the cabinet meeting, the minister noted that the issue has always been on the Armenian Government's agenda.
Aramyan said he really expects the agreement to inspire businesses with confidence by clarifying certain controversial points.
“Armenia has quite recently signed an agreement with Israel [to abolish] double taxation. That signals a very important moment for us. We had so far signed agreements ruling out double taxation with 46 countries. So Israel is now the 47th,” Aramyan added.
But he did not point to specific timeframes for signing the deal with the United States.
“I think we have more work to do with our US partners, as the issue has been under consideration for 20 years, if my memory doesn’t fail me. The United States have their own arguments,” Aramyan noted.
The deal, which received backing also by the Armenian National Committee of America, is aimed at removing barriers to the growth of bilateral trade and investment.
The minister noted that an effective interstate legislation regulating the procedures now is an earlier agreement signed between the United States and former Soviet republics. “We don't think that it is actual any longer given that the Organization for Economic Cooperation and Development recently elaborated general frameworks as part of the conventions ruling out double taxation. We are confident that the [document] in effect is not in line with its provisions, as Armenia is not a legal successor of the USSR. Our counter-argument is that the absence of any agreement ruling out double taxation may prevent entrepreneurs from making decisions independently to attract mutual investments, i.e. – to Armenia, and from Armenia to the United States. Any entrepreneur needs to have the confidence that the taxation policies are quite understandable and stable,” he added.
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