Thursday, January 25 2018 13:04
Alexandr Avanesov

Reps. Valadao and Sherman Lead Congressional Call on Treasury to Stop Double Taxation of U.S.-Armenia Profits

Reps. Valadao and Sherman Lead Congressional Call on Treasury to Stop Double Taxation of U.S.-Armenia Profits

ArmInfo. Representatives David Valadao (R-CA) and Brad Sherman (D-CA) are collecting signatures on a bipartisan letter urging their Congressional colleagues to request that Secretary of the Treasury Steven Mnuchin renegotiate the existing, outdated Double Tax Treaty with Armenia, an obsolete Cold War-era accord, recognized today by the U.S. but not Armenia, that was negotiated with the now defunct USSR more than four decades ago. 

The Valadao-Sherman letter notes that "The existing Soviet-era treaty does not reflect the increasing complexity of a globalized world and the friendship between the American and Armenian peoples," then calls upon Secretary Mnuchin to, "prioritize the renegotiation of the double tax treaty with Armenia."  The letter also underscores that "the complexities of the international tax structure should not discourage American and Armenian companies from conducting business with each other due to double taxation.  The need for updated guidelines that reflect the current state of U.S.-Armenian relations and recently passed tax reform legislation cannot be understated." "We want to thank Representatives Valadao and Sherman for spearheading Congressional outreach to Secretary Mnuchin in support of an updated, working U.S.- Armenia Tax Treaty that will - by ending the threat of double taxation - break down a key barrier to the growth of bilateral trade and investment," said ANCA Government Affairs Director Raffi Karakashian. "We join with them in encouraging their House colleagues to support the timely negotiation of this mutually-beneficial and long overdue accord."

It should be noted that for several years the Armenian lobby of the United States, together with the members of the Armenian support group in the Congress, is trying to achieve the abolition of the double taxation system between Yerevan and Washington. Negotiations started on this account ceased without giving concrete results.

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