ArmenPress
June 30 2004
ARMENIA, CANADA SIGN AGREEMENT ON AVOIDING OF DOUBLE TAXATION OF
INCOMES AND PROPERTY
YEREVAN, JUNE 30, ARMENPRESS: The governments of Armenia and
Canada signed in Yerevan June 29 an agreement that will allow both
countries to avoid double taxation of incomes and property. The
agreement was signed by deputy finance minister Pavel Safarian and an
advisor with Canada’s embassy in Yerevan Howard Isaac.
Armenian finance and economy ministry said that agreement
regulates the frames of authorities of both sides with respect to tax
revenues and other trade and economic issues that may arise in
bilateral economic relationship. It will also allow to increase the
volume of bilateral trade, the movement of capital, technologies and
people.
The goal of the agreement is also to decrease the negative impact
of income and property tax-related obstacles on international trade
and investments. Besides, the agreement is expected to encourage
entrepreneurship by creating competitive opportunities for both
sides’ companies.
As of today the government of Armenia ahs signed similar
agreements with 25 nations, of which 17 are effective. Another six
are ratified but not enforced yet.