Congressman Sherman continues pressure to secure new US-Armenia tax treaty

12:30 • 14.07.18



House Financial Services Committee senior member Rep Brad Sherman (D-CA) once again called on Treasury Secretary Steven Mnuchin to work with the Armenian Government toward a new Tax Treaty that would, by eliminating the threat of double taxation, remove a key barrier to investment and facilitate the growth of transparent, sustainable bilateral economic cooperation.


During a July 12th Committee hearing, Rep Sherman reminded Treasury Secretary Mnuchin of his commitment to “have at least one tax lawyer spend 28 hours on the project” which coincided with the number of co-signers of a Congressional letter, lead by Rep. Sherman and Rep. David Valadao (R-CA) urging US leadership in replacing the outdated and obsolete Soviet-era US-USSR treaty. That letter ended up being signed by 31 US Representatives, according to the Armenian National Committee of America.


Rep Sherman went on to note, “that work has not begun and it’s not your fault. The Armenian government has had a lurch toward democracy and transparency, that many of us applaud. Things are a little bit of a state of tumult still in Yerevan. I’m assured that when things calm down, the Armenian government will approach us, committed to the kinds of transparency that our model tax treaty calls for…”


“We thank Congressman Sherman for his continued legislative leadership on a US-Armenia Tax Treaty, a badly needed accord, that, by removing the threat of double taxation and requiring transparent information sharing, will make Armenia more attractive as an investment opportunity for U.S. businesses,” said ANCA Executive Director Aram Hamparian. “The value of this treaty goes far beyond the financial benefits it would surely bring to both countries. Its adoption would reinforce the enduring friendship of the American and Armenian peoples, anchoring Armenia to the West and providing Yerevan with greater strategic options and independence in dealing with regional powers.”


In the wake of the 2015 signing of the U.S.-Armenia Trade and Investment Framework Agreement (TIFA), the ANCA has worked closely with a broad range of legislators to encourage the Department of Treasury to negotiate a new U.S.-Armenia Double Tax Treaty. In September 2017, the ANCA joined with Paul Korian and Peklar Pilavjian, leading US investors in Yerevan’s landmark Marriott hotel, for a series of Capitol Hill and State Department meetings making the case for an updated compact. Internationally renowned Tufenkian Artisan Carpets; Triada Studio, the Armenia-based creator of the Apple Design Award-winning Shadowmatic Game; and PicsArt, the Yerevan and San Francisco based makers of one of the most popular photo-editing, collage and drawing apps, are among the many firms urging the lifting of barriers to U.S.-Armenia trade through the implementation of a new double tax treaty.

 

A US-Armenia Double Tax Treaty would establish a clear legal framework for investors and individuals that have business activities in both jurisdictions, preventing double taxation and facilitating the expansion of economic relations. It would also help reinforce the friendship of the American and Armenian peoples, anchoring Armenia to the West, and providing Yerevan with greater strategic options and independence in dealing with regional powers.


The US has double tax treaties with many small countries, including Estonia, Jamaica, Latvia, Lithuania, Malta, and Slovenia. Armenia has double tax treaties with many advanced countries, including Austria, Belgium, Canada, China, France, Italy, the Netherlands, Poland, Russia, and the United Kingdom.





Загрузка...

LATEST NEWSAll Today news

18:13 • 19/09

Contract serviceman fatally wounded in Armenia’s north-east

17:50 • 19/09

Dunja Mijatović: Legal incapacity of individuals with disabilities 'challenge to their rights' in Armenia

16:18 • 19/09

IBM launches AI bias detector

15:52 • 19/09

Kocharyan explains reasons behind ‘political comeback’

15:08 • 19/09

Azerbaijan, Russia conduct joint drills in Caspian Sea

13:07 • 19/09

The Weeknd sued 'for at least $5m' for 'stealing' his hit song Starboy from another artist

12:36 • 19/09

EU 'ready to improve' Irish border deal

12:09 • 19/09

Trump hails 'exciting' agreements by North Korean leader

12:05 • 19/09

Turkish workers arrested after Istanbul airport protests  

11:30 • 19/09

Trump considers request for US military base in Poland

11:18 • 19/09

Jessica Simpson expecting third baby

11:06 • 19/09

Facebook accused of gender discrimination in job adss

10:34 • 19/09

We are ready for negotiations but must be prepared for war, prime minister says in Artsakh

09:24 • 19/09

Pentagon lists Russia, China as biggest threats to US

09:13 • 19/09

North and South Koreas ‘commit to era of no wars’

17:56 • 18/09

Armenian khachkar unveiled in Polish city

17:05 • 18/09

Armenian parliament official briefs PACE committee on Azerbaijani aggression against Armenian civilian settlements

16:55 • 18/09

Ucom doubles inclusions of uDaily prepay mobile internet service

16:35 • 18/09

Former Liverpool defender forced to retire with motor neurone disease just months after marrying England women's captain 

16:22 • 18/09

Armenia, China sign deal to facilitate air communication

15:40 • 18/09

Trump orders release of classified documents in Russia probe

15:24 • 18/09

Armenian government delegation conducts visit to Nagorno-Karabakh

14:51 • 18/09

Central Bank chief re-elected president of interstate bank council

14:40 • 18/09

Armenian defense minister meets with FAST foundation president

14:08 • 18/09

NASA's new spacecraft captures photo of more than a dozen celestial objects known to host exoplanets in stunning 'first light' image

13:45 • 18/09

Pakistan's austerity car auction falls short, new PM commutes by helicopter

13:25 • 18/09

Armenian family’s 400-year-old musical secret still rings true

13:17 • 18/09

Russia blames Israel for downing of plane, vows retaliation

12:45 • 18/09

Chief architect of Yerevan sacked

12:25 • 18/09

Republic Square selected as 'hot spot' of independence day events to symbolize success in ‘Velvet Revolution’

11:26 • 18/09

Libarman’s visit to Baku signals strengthening Azerbaijani-Israeli relations

11:09 • 18/09

Zhoghovurd: OSCE to turn closer spotlight on situation along Karabakh frontline

10:35 • 18/09

Russian military plane disappears during Israeli strikes on Latakia with 14 people on board

10:13 • 18/09

Zhamanak: Putin planning meeting with former presidents in Yerevan

09:56 • 18/09

SpaceX unveils first Moon Loop tourist

09:51 • 18/09

Sean Penn Calls #MeToo Movement ‘Receptacle of the Salacious’

09:44 • 18/09

Florence leaves 'monumental disaster' for North Carolina

09:31 • 18/09

Magnitude 1.9 earthquake hits Armenia’s south

09:13 • 18/09

SpaceX signs first private moon customer

09:12 • 18/09

Russia and Turkey agree to create buffer zone in Syria's Idlib

19:40 • 17/09

Facts, figures, and Results: Zvartnots International Airport reports details on its activity and not օnly

17:53 • 17/09

French actor Gerard Depardieu 'wants' to acquire Turkish citizenship

17:35 • 17/09

New head of OSCE Mission to Skopje takes office

17:23 • 17/09

Ukraine's Poroshenko terminates Treaty of Friendship with Russia

16:38 • 17/09

Samsung’s Galaxy Note 9 reportedly catches fire in user’s purse  

16:05 • 17/09

Zohrab Mnatsakanyan: Nagorno-Karabakh is not just conflict for Armenia

15:17 • 17/09

Turkish Coast Guard rescues 16 migrants as boat capsizes

14:46 • 17/09

Yerevan hosts 11th Armrobotics Championship

12:46 • 17/09

Britain’s oldest person reveals secret of longevity  

12:33 • 17/09

Arthur Abraham takes part in 45th BMW Berlin Marathon

12:02 • 17/09

Penelope Cruz dazzles in elegant one-shoulder gown as she joins husband Javier Bardem for LA screening of Loving Pablo

11:34 • 17/09

Armenian, Artsakh foreign ministers meet in Stepanakert

11:10 • 17/09

Turkey to increase troops in Turkish Cyprus

10:43 • 17/09

Elon Musk says Tesla now in 'delivery logistics hell'

10:14 • 17/09

Azerbaijan's armed forces open fire on Armenia’s south from Nakhicehvan

09:51 • 17/09

As Trump and Mattis clash in public, officials question how long he'll last at the Pentagon

09:37 • 17/09

It's not novichok, say police: 'Russian' couple fall ill at Salisbury restaurant with nerve-agent symptoms

09:15 • 17/09

New doubts emerge about US-led sanctions on North Korea

14:49 • 15/09

No more favoritism or privileged classes in Armenia - Pashinyan's interview with Le Monde

14:02 • 15/09

Kocharyan’s statements reflect level of his political understanding – Nikol Pashinyan

13:12 • 15/09

International Figure Skating Classic 2018: Armenia’s Slavik Hayrapetyan ranks fifth (video)

12:48 • 15/09

Erdogan travels to Baku  

12:07 • 15/09

Russian Orthodox church cuts ties with Constantinople over Ukraine

11:23 • 15/09

Zhamanak: Gyumri mayor 'to quit' over 'failure to work effectively' with Pashinyan's cabinet

10:49 • 15/09

Turkey demands release of 16-year-old boy held in Armenia

09:50 • 15/09

Jean-Claude Van Damme arrives in Armenia  

09:42 • 15/09

Nebraska doctor to face execution for killing four people

09:32 • 15/09

Azerbaijan shells border village in Armenia’s Tavush region

17:43 • 14/09

Jean-Claude Van Damme to visit Armenia

17:37 • 14/09

Apple criticized for new iPhones 'too big for women to hold'

16:27 • 14/09

French, Armenian leaders start working meeting in Paris

16:10 • 14/09

Armenian Genocide museum elects new director

15:26 • 14/09

Animals snapped enjoying surprise snowfall in South Africa

15:00 • 14/09

Armenian biker named double winner in Astana championship  

14:21 • 14/09

‘Velvet Revolution’ marked also revolution of values in Armenia – Nikol Pashinyan

12:49 • 14/09

Azerbaijan braces for military drills 'in response' to Armenia

12:05 • 14/09

Ucom to start pre-registration of iPhone XS and XS Max purchase

12:03 • 14/09

Amazon's Jeff Bezos commits $2 billion to help homeless, pre-schools

11:54 • 14/09

Hurricane Florence: Life threatening storm lashes US

11:09 • 14/09

Armenia 'important role-player' in global politics, prime minister says in France

10:01 • 14/09

US congressman raises call for Armenian Genocide recognition

09:31 • 14/09

Saroyan world premiere adds dates in Fresno and OC, announces encore L A performance

09:19 • 14/09

Gas explosions hit homes in Massachusetts

18:08 • 13/09

Mbappe better than Ronaldo, says De Vrij

17:42 • 13/09

We understand Armenian government’s desire to help compatriots in Syria - US Embassy

17:23 • 13/09

Meghan Markle pregnant? Bookies expecting baby announcement soon

17:06 • 13/09

US government encourages open labs in Armenia – embassy statement

16:36 • 13/09

Edward Nalbandian: Prime minister misleadingly accused former government of failure over Karabakh

15:01 • 13/09

Pashinyan vows to 'lock up' masterminds behind March 1 events  

14:09 • 13/09

Six killed in California shooting

13:55 • 13/09

Apple ends iPhone X and iPhoe SE sale

13:09 • 13/09

Trump signs order to punish US meddlers

12:55 • 13/09

Turkey to use national currency in property transactions

12:37 • 13/09

Pashinyan will regret messing with me – Robert Kocharyan

12:13 • 13/09

Pashinyan holds phone conversation with Kyrgyzstan's leader

11:11 • 13/09

Drake, Cardi B lead American Music Awards

10:52 • 13/09

Zhamanak: CSTO secretary general to step down over March 2008 coup charges

09:58 • 13/09

Putin to conduct official visit to Armenia - Russian paper

09:30 • 13/09

Turkey 'boosts arms to Syrian rebels' as Idlib attack looms

09:13 • 13/09

Apple unveils iPhone XS and fall-detecting watch