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The Armenian parliament on Wednesday ratified the double taxation treaty with the Hong Kong special administrative region of China.
The bill on ratifying the agreement on Ruling out Double Taxation of Income and Prevention of Tax Avoidance and Evasion was adopted with 96 votes in favor and 1 abstention.
The agreement was signed in June 2024 and seeks to create a predictable and stable taxation environment for businesses.
It is expected to boost trade, capital flow, and movement of technologies and human resources between Armenia and Hong Kong. Given the high-level political and economic relations between Armenia and China, the agreement is expected to further boost cooperation.
In 2023, trade turnover between Armenia and Hong Kong stood at 855 million USD, according to official data.
