New US-Armenia treaty needed to prevent double taxation - ANCA
A new U.S.-Armenia treaty reducing the threat of double taxation would, by removing a major barrier to bilateral trade and investment, strengthen the economic relationship between the U.S. and Armenian governments and also the enduring bonds of friendship between the American and Armenian peoples, News.am reported.
Chairman of the Armenian National Committee of America Ken Hachikan sent a letter to Secretary of the Treasury, Timothy Geithner on August 5 saying a new Double Tax Treaty would create a clear framework for investors and individuals, Asbarez reported.
"It would prevent many tax disputes from arising, and provide clear avenues for tax dispute settlement," he wrote.
"Very simply, the lack of a U.S.-Armenia Double Tax Treaty makes Armenia a less attractive place for American corporations to invest, while, at the same time, its absence makes the U.S. less attractive for Armenian companies doing business abroad," the letter reads.
He added that: "Armenia's neighbor, Turkey, has a Double Tax Treaty, as do Russia, Ukraine, and all the Baltic states: Estonia, Latvia, and Lithuania. Israel, Ireland, Italy, Greece, and other countries with large diasporan communities in the United States also have such accords in place, yet Armenia does not."