ArmInfo. The National Assembly of Armenia at its December 13 session approved Armenian-Belorusian intergovernmental Protocol in respect to revenues and Property Generated Double Taxation Convention
According to Armen Hayrapetyan, the Deputy Finance Minister of Armenia, the Protocol was signed on May 19, 2016 in Yerevan. Its purpose is to make modifications and amendments to the Agreement signed on July 19, 2000. The Protocol comprises 19 articles. The necessity to make changes and modifications to the document is preconditioned by certain variations in Armenia regulations. At the same time, the document submitted for approval is drafted within conformance to the provisions of the sample tax Convention of the Organization on Economic Cooperation and Development. The document clearly sets such terms, as "entrepreneurship", "actual place of performance", "specialized service", etc. The Protocol rules out the implementation of the double taxation by the Parties. Particularly, as the resident might be considered the person/legal entity, having the actual residence for activities. The Document is amended with new Article in respect to scientific activities. The Parties will also cooperate in the field of Banking and Finances.
The Deputy Minister accentuated that Armenian-Belarusian trade has a negative turnover balance. In 2015 the Armenian export to Belarus formed USD 6,8 mln, and the import of Belarusian goods to Armenia forms USD 27,7 mln. At that, during recent 3 years there is a tendency of Belarusian import decrease is being observed. For instance, in 2013 the Belarusian import formed USD 40,9 mln, in 2014 - USD 30 mln. At the same time, the volumes of Belarusian investments in Armenian economy have a tendency to increase. Armenia exports to Belarusia paper, alcohol and jewelry stones.