RA parliament ratifies Armenia-Hong Kong tax agreement

PanARMENIAN.Net - Armenia’s National Assembly has ratified the agreement with Hong Kong aimed at avoiding double taxation of income, thereby fostering a stable tax environment. The treaty was approved with 96 votes in favor and 1 abstention.

Signed in Yerevan on June 24, 2024, the agreement seeks to eliminate double taxation and ensure a predictable fiscal landscape for business operations between the two jurisdictions.

The ratification is expected to boost the exchange of goods, capital, technology, and human resources between Armenia and Hong Kong.

As an international deal, the agreement holds supremacy over national legislation in Armenia and is rarely subject to amendments. It also includes provisions for the exchange of personal data between tax authorities to enhance fiscal transparency.

According to official data, trade turnover between Armenia and Hong Kong reached approximately $855 million in 2023.

The treaty will enter into force once both parties exchange diplomatic notifications confirming ratification.