AGREEMENT FOR THE AVOIDANCE OF DUAL TAXATION SIGNED BETWEEN THE
GOVERNMENTS OF ARMENIA AND SYRIA

ARKA News Agency
June 29 2005

YEREVAN, June 29. /ARKA/. An agreement for the avoidance of dual
taxation was signed between the governments of Armenia and Syria by
Deputy Ministers of Finance of two countries Tigran Khachatryan and
Mohamad Hader Alseid Ahmad. The agreement aims at exclusion of dual
taxation of income and tax discrimination between the sides, which is
a necessary condition for compliance with other economic agreements and
reached understanding. According to Syrian Deputy Minister of Finance,
the agreement testifies to the intensive development of relations
between the countries. He added that the agreement consisting of
29 articles, regulates tax field and refers to tax on profit and
income-tax. Hamad expressed his belief that the agreement will become
the stimulus for the Armenian and Syrian investors and businessmen
to make investments in two countries. He added that the parliament
of Syria will ratify the document in the shortest possible time period.

In his turn Khachatryan noted that the agreement will become one
more step on the way to economic cooperation. According to him,
the document specifies the work environment for the households,
and in separate cases it provides for softer terms of taxation than
local legislations provide for. “Signing of the agreement will give
stimulus to households of two countries, and after it comes in force
it will yield the results already next year”, he said. Khachatryan
expressed his belief that the agreement will be ratified by the
Armenian parliament already in autumn 2005. A.H.-0–