Wednesday, February 7 2018 13:29

ArmInfo. The US Treasury  Department is ready to discuss the issue of revising the Treaty on  Avoiding Double Taxation with Armenia. Earlier, Congressmen Brad  Sherman and David Valadou initiated the collection of signatures in  the US Congress under an appeal to the head of the Treasury to resume  negotiations on the revision of the existing double taxation order  between the United States and Armenia.

According to the information of ANCA, U.S. Treasury Secretary Steven  Mnuchin, during Congressional testimony today before the U.S. House  Financial Services Committee, agreed - in response to direct  questioning by Representative Brad Sherman (D-CA) - to commit  Treasury Department officials to pursue a new U.S.-Armenia Double Tax  Treaty, a long-overdue bilateral accord that will remove barriers to  the growth of U.S.-Armenia economic relations, reported the Armenian  National Committee of America (ANCA).  Rep. Sherman was joined by  Rep. David Valadao (R-CA) in collecting the Congressional signatures  of their House colleagues on a letter to Secretary Mnuchin in support  of the Tax Treaty. He referenced the legislators in his question to  the Secretary, asking whether, in response to their calls to action,  the Treasury Department would dedicate 28 hours (the number of  Congressional signatures collected to date) to negotiating this  agreement.  Secretary Mnuchin replied in the affirmative, noting:  "Yes, I can commit the 28 hours." "We are grateful for Congressman  Sherman's policy expertise and persistence in securing the support of  Secretary Mnuchin for a mutually-beneficial U.S.-Armenia Double Tax  Treaty," said ANCA Chairman Raffi Hamparian. "We look forward to the  Treasury Department moving forward with this accord, a long-term ANCA  priority that will - by removing the threat of double taxation -  eliminate a major barrier to the growth of the U.S.-Armenia economic  partnership As a result, Secretary of the US Treasury Stephen  Mnuchin, "reacting to the growing interest of the congressmen  regarding the revision of the existing document," noted that the  Treasury Department will allocate the appropriate human resources for  studying the Treaty on Avoiding Double Taxation with Armenia.  Recall  that the letter of Congressmen to the US Ministry of Finance, in  particular, says that the Soviet-era order has lost its relevance and  impedes the friendship between Armenia and the United States in the  conditions of global globalization. 

The authors of the letter also emphasize that the double taxation  order was introduced between the US and the Soviet Union in 1973 and  now has lost its relevance, this order should not affect the former  Soviet republics, in particular Armenia. "We are confident that the  undoubted success of the Armenian-American relations largely depends  on the elimination of this order, and this issue needs a speedy  solution by resuming negotiations between Washington and Yerevan." As  members of the Congress, we urge you to attach importance to this  issue and to start negotiations with Armenia. Cancellation of this  order will lead to activation of the Armenian-American economic  relations, "the congressmen conclude.  Meanwhile, answering the  question of ArmInfo reporter  on September 13 of last year, US  Ambassador to Armenia Richard Mills stressed that "the United States  is satisfied with the current agreement, but at the same time are  ready to listen to the Armenian government's arguments on the  necessity of concluding a new Agreement." "We have repeatedly noted  that the signing of the Agreement will be considered if such a need  arises to stimulate trade," Mills said.