Treasury Secretary to pursue U.S.-Armenia Double Tax Treaty

PanARMENIAN.Net - U.S. Treasury Secretary Steven Mnuchin, during Congressional testimony on Tuesday, February 6 before the U.S. House Financial Services Committee, agreed - in response to direct questioning by Representative Brad Sherman (D-CA) - to commit Treasury Department officials to pursue a new U.S.-Armenia Double Tax Treaty, a long-overdue bilateral accord that will remove barriers to the growth of U.S.-Armenia economic relations, reported the Armenian National Committee of America (ANCA).

Rep. Sherman was joined by Rep. David Valadao (R-CA) in collecting the Congressional signatures of their House colleagues on a letter to Secretary Mnuchin in support of the Tax Treaty. He referenced the legislators in his question to the Secretary, asking whether, in response to their calls to action, the Treasury Department would dedicate 28 hours (the number of Congressional signatures collected to date) to negotiating this agreement. Secretary Mnuchin replied in the affirmative, noting: "Yes, I can commit the 28 hours."

"We are grateful for Congressman Sherman's policy expertise and persistence in securing the support of Secretary Mnuchin for a mutually-beneficial U.S.-Armenia Double Tax Treaty," said ANCA Chairman Raffi Hamparian.

"We look forward to the Treasury Department moving forward with this accord, a long-term ANCA priority that will - by removing the threat of double taxation - eliminate a major barrier to the growth of the U.S.-Armenia economic partnership."

The U.S. has Double Tax Treaties with many small countries, including Estonia, Jamaica, Latvia, Lithuania, Malta, and Slovenia. Armenia has Double Tax Treaties with many advanced countries, including Austria, Belgium, Canada, China, France, Italy, the Netherlands, Poland, Russia, and the United Kingdom.