GOVERNMENT OF ARMENIA TO MAKE OUT LIST OF OFFSHORE ZONES

ArmInfo News Agency, Armenia
Oct 2 2007

ArmInfo. Armenian parliamentarians passed a bill of amendments to
the Law On Profit Tax in the first reading, Tuesday.

Deputy Head of Armenian State Revenues Service Armen Alaverdyan
presented the bill on behalf of the Armenian Government. He said
the 10% profit tax imposed on the Armenian offshore companies
is in question, except those which Armenia has agreements on
free economic zones and treaties on avoidance of double taxation
with. A. Alaverdyan said the bill proposes the Government to make
out the list of offshore zones on the basis of relevant requests to
the countries having offshore zones. Earlier, the Central Bank was
engaged in these issues. The bill defines the concept ‘offshore zone’,
‘business activity in offshore zones’ and other issues.