ANCA ASKS TREASURY DEPARTMET TO REVISIT U.S.-ARMENIA TAX TREATY
15:32, 1 April, 2013
YEREVAN, APRIL 1, ARMENPRESS: Armenian National Committee of America
(ANCA) Chairman Ken Hachikian asked newly sworn-in Secretary of
the Treasury Jacob Lew to revisit the Obama Administration’s past
reluctance to negotiate a new U.S.-Armenia Double Tax Treaty aimed
at facilitating increased bilateral trade and investment, reports
Armenpress refering to ANCA.
In a March 27th letter, Hachikian restated the ANCA’s longstanding
view that the 1973 U.S.-U.S.S.R. Tax Treaty is clearly insufficient
to the needs of the present-day U.S. economic relationship with
Armenia, and reaffirmed the organization’s position that a new
treaty would substantially ease potential burdens upon potential
investors. “The present situation’s lack of clarity, resulting, as
it does, in uncertainty, potential costs, and new risks, represents
a substantial deterrent for potential U.S. investors,” explained
Hachikian. “Without an updated Tax Treaty, U.S. businesses will
continue to face significant burdens on investment and cross-border
services and payments, as well as a lack of transparent information
exchange and obstacles to cooperation on tax and related matters.”
Parallel to efforts with the Department of Treasury in support of a
Double Tax Treaty, the ANCA is also working to encourage pro-active
U.S. leadership across a broad array of economy-related platforms,
including the U.S.-Armenia Joint Economic Task Force, and a potential
Trade and Investment Framework Agreement (TIFA), Social Security
Agreement, future trade missions, and business visa relaxation.
Last month, representatives of the Department of State, the Armenian
Embassy, and the Armenian American community shared views and explored
practical paths toward expanded U.S.-Armenia bilateral trade and
investment at a roundtable talk hosted by the ANCA.