Armenia excludes double taxation in trade with Israel

YEREVAN, May 23. /ARKA/. Armenia’s parliament has ratified today an agreement signed on July 25, 2017 with Israel on the exclusion of double taxation and prevention of tax evasion with respect to property and income taxes.

According to Deputy Minister of Finance Armen Hayrapetyan, the agreement will create a favorable and predictable tax field for bona fide taxpayers. ‘The main goal of this agreement is the formation of a competitive economy, which will create opportunities to promote trade and economy by creating equal conditions,” Hayrapetyan said.

According to the Deputy Minister, Armenian exports to Israel in 2017 were worth $3.7 million, down from $4.5 million in 2015 and $4 million in 2015. Israel now accounts for 0.2% of Armenia’s total foreign trade turnover.

The volume of Israeli investments in Armenia has not changed since 2015 standing at about 1.3 billion drams a year.

Hayrapetyan said also that the agreement is important in terms of establishing bilateral cooperation in the military-industrial sphere, especially if Armenia has such potential that will be of interest to Israel.

Gagik Melikyan, a member of the parliamentary committee on economic issues, said during his latest visit to Israel he saw the interest of Israel companies in cooperation with Armenia in the sphere of high technologies.

Armenia has ratified similar agreements with 47 countries. According to the Ministry of Finance, until 2022 Armenia will conclude agreements on the exclusion of double taxation with 8 more countries and will offer it to the United States. ($ 1 – 482.67 drams). -0-