Friday, September 22 2017 16:02
Tatevik Shahunyan

James Tufenkyan appealed to the head of the US Department of Finance in a proposal to revise the tax agreement with Armenia

James Tufenkyan appealed to the head of the US Department of Finance in a proposal to revise the tax agreement with Armenia

ArmInfo. The head of the company "Carpets Tufenkian" James Tufenkian called on the US Department of Finance to start negotiations with Armenia in the direction of concluding a new tax agreement with Armenia. 

In his letter to the head of the department Steven Mnuchin, Tufenkian talks about his investments in the Armenian economy, in particular, about the creation of a network of hotels for the development of tourism, as well as a carpet weaving factory for reviving the skills of this ancient Armenian craft. "In this light, Armenia faces the problem of double taxation, which jeopardizes the flow of investments into the republic and its economic revival," the letter says.

According to Tufenkian, the lack of a clear, consistent with international standards of tax legislation leads to undesirable uncertainty, which ultimately leads to the leakage of investment flows to the detriment of mutually beneficial progress of economic relations between the US and Armenia.

To note, James Tufenkyan is a large American businessman who also made great investments in the Armenian economy, opening a network of the same-name hotels, as well as a carpet-weaving factory.

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