Shadowmatic joins call for U.S.-Armenia Double Tax TreatyMarch 9, 2016 - 10:23 AMT PanARMENIAN.Net - Triada Studio, the Armenia-based creator of the Apple Design Award-winning Shadowmatic Game, is the latest technology firm to call upon the Obama Administration to negotiate a bilateral U.S.-Armenia Double Tax Treaty, reported the Armenian National Committee of America (ANCA). In a letter sent Monday, March 7 to President Obama, Triada Studio CEO Ara Aghamyan explained that his company is helping to drive the growth of Armenia's tech economy, contributing to the expansion of U.S.-Armenia commerce, and - more broadly - fostering Armenia's continued integration into the international community." He noted, however, that: "Unfortunately, barriers to continued progress remain, including the prospect of double taxation. A U.S.-Armenia Double Tax Treaty would eliminate this risk, establishing a clear legal framework for companies that operate in both jurisdictions." Triada Studio joins Armenian technology firms, such as PicsArt, and global business leaders Microsoft, FedEx, NASDAQ, Marriott, Grant Thornton and others that have been on record for years supporting stronger bilateral economic relations efforts, including through a Trade and Investment Framework Agreement (TIFA), which was adopted in May, 2015, and a modern Double Tax Treaty. Other firms in support of these common sense measures include: Ameria Banking Group, Prudence Legal Advisory and Counseling, Baker Tilley Armenia, Synergy, Tufenkian Heritage Hotels, Altacode, Leda Campus LLC, Levon Travel, Unicomp, Synopsys, Megerian Carpet, National Instruments, Mentor Graphics, First Mortgage, Geoteam, Hylink, LC Distribution, and Linkgard Systems. In August of last year, senior ANCA 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The current treaty governing double taxation issues between the two countries is the 1973 U.S.-U.S.S.R. Tax Treaty, an outdated forty year-old accord.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 lack of an updated 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. U.S. Representatives Judy Chu (D-CA) and Ted Lieu (D-CA) have appealed to Treasury Secretary Lew to begin negotiations for new Double Tax Treaty to address these concerns. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Turkey extends military presence in Azerbaijan The Turkish parliament has adopted a bill submitted by Recep Tayyip Erdogan to extend the mandate of Turkish troops. Russia to begin assessing migrant workers' speaking skills Rosobrnadzor is planning to change the Russian language exam for migrant workers and include an assessment of speaking skills Armenian, Saudi Foreign Minister meet in Riyadh The two commended the positive dynamics of the development of political dialogue between Armenia and Saudi Arabia Pashinyan: Azerbaijan’s proximity shouldn’t worry border residents At the same time, he said that he “does not guarantee [the security of villagers] one hundred percent”. |