Today, United States Congressman David G. Valadao (CA-21) spearheaded a letter to Treasury Secretary Steven Mnuchin regarding the United States' current tax treaty with the Republic of Armenia.
WASHINGTON - Today, United States Congressman David G. Valadao (CA-21) spearheaded a letter to Treasury Secretary Steven Mnuchin regarding the United States' current tax treaty with the Republic of Armenia.
The letter, which was led by Congressman Valadao and signed by an additional thirty Members of Congress, calls on Secretary Mnuchin to renegotiate the United States' tax treaty with Armenia.
Congressman Valadao explained, "American and Armenian business have close ties and it's time to end the double taxation currently imposed on businesses in both nations." He went on, "By renegotiating our tax treaty with Armenia, we can continue to strengthen our relationship with a close ally while encouraging trade and investment in our great nations."
The letter, which can be found here
, states, "The existing Soviet-era treaty does not reflect the increasing complexity of a globalized world and the friendship between the American and Armenian peoples. Furthermore, it is vital we provide businesses from both countries the ability and incentive to invest in one another."
Congressman David G. Valadao represents the 21st Congressional District, which includes Kings County and portions of Fresno, Tulare, and Kern Counties.
Co-lead, Congressman Brad Sherman (CA-30) said, “Modernizing our double tax treaty with Armenia is long overdue. This is not only an opportunity to reaffirm our friendship with Armenia, but to also create new opportunities for investment and growth. I urge the Treasury Department to heed our call for action.”
Armenian National Committee of America (ANCA) Government Affairs Director Raffi Karakashian stated, "We want to thank Representatives Valadao and Sherman for spearheading Congressional outreach to Secretary Mnuchin in support of an updated, working U.S.-Armenia Tax Treaty that will - by ending the threat of double taxation - break down a key barrier to the growth of bilateral trade and investment. We join with them in encouraging their House colleagues to support the timely negotiation of this mutually-beneficial and long overdue accord."