Armenia and Hong Kong Sign Agreement to Avoid Double Taxation

On June 24, Armenian Minister of Finance Vahe Hakobyan and Head of the Inland Revenue Department of the Hong Kong Special Administrative Region of the People's Republic of China, Tai Pang Tam, signed an agreement in Yerevan during the "Asian Initiative" conference of the Global Forum on Transparency and Exchange of Information for Tax Purposes. The agreement is aimed at preventing double taxation on income between the two governments.

The Ministry of Finance reports that the signing of this agreement will eliminate the issue of double taxation of income for both parties, which will encourage entrepreneurial activities by creating favorable competitive conditions. It will create an investment-friendly environment, boosting bilateral trade and the flow of investments. Additionally, it will establish a favorable and predictable tax environment for foreign investments and enhance Armenia's involvement in international tax relations.