Thursday, July 4 2019 13:30
Alexandr Avanesov

Armenia goes to avoid double taxation and prevent tax evasion with  respect to taxes on income with Singapore

Armenia goes to avoid double taxation and prevent tax evasion with  respect to taxes on income with Singapore

ArmInfo.The Government of Armenia, at its meeting on July 4, approved the proposal to sign an agreement on the avoidance of double taxation and the prevention of  tax evasion with respect to taxes on income and property between the  Republic of Armenia and the Republic of Singapore.

As Minister of Finance of Armenia Atom Janjugazyan stated, in  presenting the project, Armenia has been working on an agreement with  Singapore since 2016. The document will allow creating a more  predictable business and tax environment for an external investor, as  well as establish a process of exchanging taxable information with  countries with which Armenia has concluded similar agreements. As of  today, the minister pointed out that there are 46 of them. A  preliminary signing took place with six other states, 3 of which are  ready for signing. Another 15 such documents are at various stages of  reaching an agreement.  The signing of the Agreement itself will take  place during the visit of Armenian Prime Minister Nikol Pashinyan to  Singapore on July 7-9 of this year.

It should be noted that the purpose of these agreements is to  eliminate double taxation in foreign trade between the two countries,  prevent tax discrimination against economic entities of the parties,  eliminate double taxation of property and income, and create a  predictable and stable tax environment for business.  Back in June  2017, Armenia joined the 15th Action of the Organization for the  Development of Economic Cooperation in the framework of the program  to prevent the destruction of the tax base and the transfer (export)  of profits "(BEPS), along with 68 countries of the world, which  allows us to interpret agreements against double taxation uniformly.  By becoming a party to the agreement, clear rules of the game in the  tax field are established in the republic, and the reliability of the  country increases from the point of view of the investor. 

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