On October 1, the RA Minister of Finance Atom Janjughazyan received a delegation headed by Tharman Shanmugaratnam, Senior Minister and Coordinating Minister for Social Policies of the Republic of Singapore.
Minister Janjughazyan presented the steps aimed at ensuring Armenia's macroeconomic stability and effective debt management, principles of applying fiscal rules and activities aimed at creating favourable business environment and attracting investments. The Minister also touched upon the reforms in the tax sphere, noting that their purpose is to identify the existing problems in the sector and to propose comprehensive solutions to them.
Tharman Shangmugaratnam in his turn presented Singapore's progressive fiscal system, principles of effective policies in education, healthcare and other areas, as well as the role of conservative approaches in the public administration system.
In the course of the meeting the parties also discussed issues related to capacity building, peculiarities of cooperation with international financial institutions in terms of the country’s reliability and steps to promote economic growth.
On July 8, 2019, an Agreement on the Avoidance of Double Taxation of Income between the Republic of Armenia and the Republic of Singapore was signed. The application of the Agreement will create a predictable tax field for investors of both parties, stimulate mutual investment flows between the two countries, as well as intensify trade and economic ties. To this end, the RA Ministry of Finance has initiated the procedures for ratification of the Agreement, which will be submitted to the National Assembly for ratification upon completion.
