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At October 28 NA sitting, the RA Deputy Minister of Finance Arman Poghosyan presented for debate 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.

The Agreement was signed in Singapore on July 8, 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.

The main revenues are subject to taxation in the country receiving residence. There are exceptions, if the entrepreneurship activity of the resident of the agreeing side is carried out by the formation of the permanent institution in the agreeing other state, then the hosting country has gets the right to take taxation those entrepreneurship revenues, otherwise only the resident country gets that right.

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 passive revenues, 5% rate is designed for interests and royalties, in case of dividends - 0%, if a company receives them, which directly owns at least 25% of the regulatory capital of the company paying dividends or has investment equivalent to at least 300.000 USD in the regulatory capital.

The member of the NA Standing Committee on Economic Affairs Hripsime Stambulyan in her co-report presented the endorsement of the Committee.