Armenian government to no longer use the term ‘offshore’
01.02.2018,
17:06
The Armenian government will no longer use the term "offshore", Finance Minister Vardan Aramyan said at a government meeting on Thursday.
YEREVAN, February 1. /ARKA/. The Armenian government will no longer use the term "offshore", Finance Minister Vardan Aramyan said at a government meeting on Thursday.
He said last year the government defined the list of countries that were called "offshore zones.’ "Of course, this term raised certain doubts among the public and our partner countries. In particular, our partners from Luxembourg asked us why they were in "an offshore zone," Aramyan said.
According to him, the point is not about the "offshore zone" in the literal sense, but about "unreasonable" tax rates or about countries, including in the European Union, with a tax system different from Armenia or lower tax rates.
He noted that as a result of the adopted changes, the term "offshore" was replaced with the term "countries with unreasonable tax rates or with liberal tax systems". Several countries have been added to this list.
"They are East American Samoa (American Samoa), Tunisia, South Korea, Mongolia, Namibia, Trinidad and Tobago," Aramyan said.
The earlier approved list of offshore zones includes Andorra, Guam Island, Puerto Rica (USA), the Bahamas, Bahrain, Barbados, Belize, Guyana, Guadeloupe, Guatemala, Dominican Republic, Tonga, Canary Islands, Costa Rica, Bermuda, French Guiana, Polynesia and the island of Kerguelen, etc. In total, the list includes 69 zones (countries). -0-
He said last year the government defined the list of countries that were called "offshore zones.’ "Of course, this term raised certain doubts among the public and our partner countries. In particular, our partners from Luxembourg asked us why they were in "an offshore zone," Aramyan said.
According to him, the point is not about the "offshore zone" in the literal sense, but about "unreasonable" tax rates or about countries, including in the European Union, with a tax system different from Armenia or lower tax rates.
He noted that as a result of the adopted changes, the term "offshore" was replaced with the term "countries with unreasonable tax rates or with liberal tax systems". Several countries have been added to this list.
"They are East American Samoa (American Samoa), Tunisia, South Korea, Mongolia, Namibia, Trinidad and Tobago," Aramyan said.
The earlier approved list of offshore zones includes Andorra, Guam Island, Puerto Rica (USA), the Bahamas, Bahrain, Barbados, Belize, Guyana, Guadeloupe, Guatemala, Dominican Republic, Tonga, Canary Islands, Costa Rica, Bermuda, French Guiana, Polynesia and the island of Kerguelen, etc. In total, the list includes 69 zones (countries). -0-
