ARMENIA AND SYRIA SIGNED AGREEMENT ON DOUBLE TAXATION AVOIDANCE

PanARMENIAN.Net - Armenian Deputy Minister of Finance and Economy Tigran Khachatryan and Syrian Deputy Minister of Finance Mohamed Haider Alseid Ahmad today signed the agreement between the governments of Armenia and Syria on avoiding double taxation. As the Syrian Deputy Minister remarked at a news conference that followed the signing of the agreement today, the document is the outcome of 2 years of work. In his words, the agreement of this kind will promote more efficient development of the Armenian-Syrian relations. In his words, the agreement includes 29 articles, which along with other issues regulate the income and profit taxation, as well as economic and other activities. In his words, the agreement will be a stimulating factor for businessmen and investors. He assured that the Syrian Parliament will soon ratify the document. As noted by T. Khachatryan, the fact of mutual recognition of taxation and avoidance of double taxation is an important principle. In his words, it will allow to form a sustainable atmosphere for management and create beneficial conditions for investors. "I hope the National Assembly will ratify the agreement immediately after the parliamentary holiday and it will yield fruit next year", Tigran Khachatryan said. As he noted, the commodity turnover between Armenia and Syria is obvious. Thus in 2002-2003 the volume of import from Syria to Armenia made about $1.2 million, in 2004 - $998 thousand. At that in 2002 export made $201 thousand, in 2003 - $490 thousand, while in 2004 - $728 thousand. Consequently the balance of the foreign trade turnover made $-0.8 thousand.