The Armenian government has approved signing an agreement on elimination of double taxation with Singapore.

The Armenian Ministry of Finance initiated the agreement in 2016 and has since held a number of working discussions with Singapore.

Minister of Finance Atom Janjughazyan said the agreement aims to contribute to the development of trade-economic ties, exchange of information between tax authorities, which provides an opportunity to reduce possible risks.

Besides, he said, it will help create necessary conditions for boosting imports and exports. Armenia has signed similar agreements with 46 countries now.