Armenian government revises the term “offshore zone”
YEREVAN, FEBRUARY 1, ARMENPRESS. The Armenian government made changes and amendments in one of the previously adopted decisions aimed at making the term “offshore zone” in accordance with the new term enshrined by the Tax Code, reports Armenpress.
Finance minister Vardan Aramyan said the term “offshore zone” has been revised which aims at describing the countries with “non-reasonable” tax rates or liberalized systems compared to the tax system of Armenia. Moreover, it is planned to expand the list of the “geographical areas” of the countries.
“The problem is that a list of countries based on this decision was formed which were called “offshore zones”. But this term has caused doubt among the public and the Luxembourg partners. In particular, they ask why they are included in the list of “offshore zones”, the minister said, adding that the talk is not directly about the offshore zones, it’s about non-reasonable tax privileges.
The minister said the list has been supplemented by new countries and geographical areas: American Samoa, Tunisia, South Korea, Mongolia, Namibia, Trinidad and Tobago which are already recognized by the EU as countries with tax liberal or not reasonable privileged tax regimes.