Asbarez – The Armenian National Committee of America – Western Region (ANCA-WR) is expressing its appreciation to Congressman Ted Lieu for authoring a letter to U.S. Treasury Secretary Jacob Lew in support of a U.S.-Armenia Double Tax Treaty.
The accord, if concluded, would, by limiting the prospect of double taxation, remove a major barrier to the growth of US – Armenia bilateral trade and investment – a major goal of the ANCA.
In August of this year senior Armenian National Committee of America officials met with U.S. Treasury Secretary Jacob Lew in Washington, DC to press for a new U.S.-Armenia Double Tax Treaty. The current treaty governing double taxation issues between the two countries is the 1973 U.S.-U.S.S.R. Tax Treaty, an outdated forty year-old accord. The ANCA strongly believes that the lack of a double tax treaty between the United States and Armenia creates legal uncertainty that deters potential U.S. investors, diverts investment flows and disadvantages American businesses seeking to invest in the Republic of Armenia.
“Our many ANCA supporters in California’s 33rd Congressional District greatly appreciate Congressman Lieu’s leadership in seeking to bolster economic ties between the United States and Armenia,” said ANCA-WR Chair Nora Hovsepian. “We are pleased that Congressman Lieu is so actively supportive of updating a tax treaty that, if adopted by the U.S. Senate, would serve to facilitate the flow of investment between America and Armenia. It is our hope that the Obama Administration responds positively to Congressman Lieu’s principled support for this critical initiative,” added Hovsepian.
In his letter to U.S. Treasury Secretary Lew, Congressman Lieu asserted that a “modern tax treaty [between the U.S. and Armenia] could facilitate the growth of commercial relations, enhance job creation in both countries and provide Armenia with greater regional autonomy.” The Congressman’s letter went on to state that he is encouraged that “the United States already has a number of tax treaties with relatively small countries, such as Estonia, Jamaica, Latvia, Lithuania, Malta and Slovenia.”