Armenia, UK sign agreement to abolish double taxation

According to the press service of the British Embassy in Armenia, the agreement removes obstacles to business development between the two countries.

UK Ambassador Charles Lonsdale said, “we are delighted to have signed this agreement. This has been a gap in our relations and one that will assist businesses and individuals in both countries. We want to see business links develop further in both directions and are working to secure that. This treaty will help us move that forward.”

Astrid Clifford, the British Chief Executive Officer of HSBC Bank in Armenia, welcomed the news saying, “the double taxation treaty will reduce the tax burden on UK direct and indirect investors in Armenia, which will make Armenia even more attractive for foreign investments.”

Minister Nalbandyan also met the UK Foreign Secretary, William Hague. The Ministers discussed a range of bilateral and regional issues, including Nagorno Karabakh, on which the UK Minister underlined that the UK supports the OSCE Minsk process and encourages both sides in the conflict to take the steps needed to make progress on a settlement.