12:56 | 24.02.16 | News | 6915

PicsArt urges to eliminate double taxation between the US and Armenia

Armenian-American PicsArt company, that has a same name application with 250 mln downloads joined the urge addressed to the President of the U.S. Barak Obama to reach for treaty eliminating double taxation between the US and Armenia.

Armenian National Committee of America (ANCA) told about PicsArt’s initiative.

In a letter sent to President Obama last week, PicsArt Chief Operations Officer and Co-Founder Artavazd Mehrabyan explained that PicsArt and the many other IT start-ups in Armenia represent the cutting edge of U.S.-Armenia economic growth.

PicsArt’s Co-Founder stated that “to ensure serious, sustainable progress over the long term – we need to remove barriers to bilateral cooperation and put in place a clear legal framework for continued economic growth. A central element of such an effort must be a modern Tax Treaty that eliminates the threat of double taxation of corporations, investors and individuals that have business activities in both jurisdictions”.

PicsArt, which has offices in Yerevan, Armenia and San Francisco, California, joins technology and global business leaders Microsoft, FedEx, NASDAQ, Marriott, Grant Thornton companies.

Other firms in support of these common sense measures include: Ameria Banking Group, Prudence Legal Advisory and Counseling, Baker Tilley Armenia, Synergy, Tufenkian Heritage Hotels, Altacode, Leda Campus LLC, Levon Travel, Unicomp, Synopsys, Megerian Carpet, National Instruments, Mentor Graphics, First Mortgage, Geoteam, Hylink, LC Distribution, and Linkgard Systems.

It should be recalled that on May 2015, 2015, Armenia and the U.S signed Trade and Investment Framework Agreement (TIFA), which confirmed their intention to create favorable conditions for investment and trade, promoting trade between the two countries.

In November of last year, U.S. Deputy Assistant Secretary Bridget Brink stated that he United States is optimistic about the agreement on elimination of double taxation in Armenia.