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At October 20 sitting of the NA Standing Committee on Economic Affairs the bill on Ratifying the Agreement for Exclusion of Double Taxation of Revenue and Prevention of Tax Evasion and Bypassing between the Government of the Republic of Armenia and the Government of the Republic of Singapore was debated. The RA Deputy Minister of Finance Arman Poghosyan presented the issue. The Agreement was signed in Singapore in July 2019. The goal is the formation of more favourable and stable tax environment compared with the entities of two countries and the national legislations for the physical persons.

According to Arman Poghosyan, the ratification of the Agreement will be an important contribution to the rise of the investment attractiveness of the national economies and the improvement of the indices of the economic economy. The right to preference and priority of taxation on passive revenues is reserved to the country being considered as a payment source. In case of entrepreneurship profit, if it is referred to the permanent institution, and the right of taxation receives the country, where the permanent institution has been formed. If the entrepreneurship activity is short-term, the hosting country does not get a right to taxation, it is reserved exclusively to the resident country.

The Committee endorsed the issue.