AmCham TCuFP Committee Meeting

On March 25th, 2021 AmCham Armenia held its Tax, Customs, and Fiscal Policy (TCuFP committee meeting). The Chair of the Meeting welcomed TCuFP Committee participating members and thanked them for their interest in the committee. The Chair of the Meeting also welcomed the AmCham President Mr. Ashot Hovanesian for participating in the Meeting and introduced him to the enrolled members.

Mr. Ashot Hovanesian had his welcoming speech, where he expressed his interest in facilitating the activity of TCuFP Committee. He also stepped forward by suggesting several questions for the discussion in the framework of the Meeting and the Committee Agenda.

In a process of a thorough discussion of the agenda, it was agreed that the Committee will include various objectives in the scope of assisting the businesses operating in Armenia. The Committee unanimously agreed on the agenda, where the focus areas are both internal-operating businesses’ awareness on the topic of Taxation and Fiscal Policy as well as the exporting companies and businesses. It was implied, that the Committee should predominantly engage in clarifying the potential issues faced and communicated to the TCuFP Committee by AmCham member companies. Another commonly acknowledged suggestion was the idea implying the Committee’s role as a pro-active entity utilizing its resources and capabilities on coming up with rational solutions and proposals in cooperation of the Ministries, rather than attempting to perform as a consultant for individual companies.

Mr. Ashot Hovanesian brought forward the double taxation topic, an issue that potentially can hinder the operation of businesses operating in the inter Armenian-American domain. The benefits and necessity of a potential Treaty between the two countries were discussed in consideration of the extent to which its existence and efficiency might be a stimulus to the business sphere or vice versa. Once again, it was commonly agreed to come up with a formal universal declaration inform the stakeholders of already existing treaties from which they can benefit.

Another thoroughly discussed matter was the compliance factor in the scope of taxation. Mr. Aharon Chilingaryan also informed the Committee regarding the ongoing studies in the field of big corporations’ attitude towards taxation and tax policies. The latter goes in line with TCuFP Committee’s objectives and facilitates the successful operation of the Committee.

Regarding the Committee’s next steps, the meeting schedule for the upcoming period was agreed as well as the short-term objectives that were decided to be initiated, with those being of business industry informative character.

The next Committee meeting will take place on 29th April 2021.

Members from various AmCham companies participated in the meeting:

Mr. Ashot Hovanesian, Synergy, Ms. Irina Dumanyan, Mentor Graphics a Siemens Business, Mr. Aharon Levonyan, Seraphim Consulting, Mr. Aharon Chilingaryan, BDO Armenia, Mr. Suren Ghalumyan, Deloitte Armenia, Mr. Kamo Karapetyan, Ernst and Young, Mr. Nerses Nersisyan, KPMG Armenia, Ms. Lusine Mnatsakanyan, Coca-Cola Hellenic Bottling Company Armenia, Ms. Lilit Gevorgyan, Philip Morris Armenia, Mr. Karen Zakaryan, FinArm, Mr. Gegham Ghulijoghlyan, PwC.