US and Armenian officials will discuss the possibility of entering into negotiations to update their 1973 double tax treaty during the annual US-Armenia Economic Task Force meeting scheduled for November 19 in Yerevan, Armenia, the Armenian National Committee of America (ANCA) has reported.
The group said that Armenia has repeatedly sought to update the 1973 US-USSR tax treaty, which Armenia no longer considers in force.
“An updated US-Armenia Double Tax Treaty is long overdue and badly needed to establish a clear legal framework for investors and individuals that are conducting business activities in both jurisdictions,” said ANCA Executive Director Aram Hamparian.
“Beyond the immediate benefits of preventing double taxation and removing a key barrier to increased investment, such an accord would, more broadly, reinforce the friendship of the American and Armenian peoples, facilitate the expansion of bilateral economic relations, deepening Armenia’s ties to the West, and providing Yerevan with greater strategic options and independence in dealing with regional powers,” Hamparian said.
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