ArmInfo. Armenia will exchange financial information with various countries worldwide. At its April 8 meeting, the Committee on Economic Affairs of the National Assembly of the Republic of Armenia issued a positive opinion on the draft amendments to the Multilateral Agreement between Competent Authorities on the Automatic Exchange of Financial Account Information, submitted by the Government of the Republic of Armenia for ratification.
As Rafael Gevorgyan, Deputy Chairman of the State Revenue Committee of the Republic of Armenia, noted in his speech, the agreement itself was signed on October 14, 2014, and the amendment was signed on October 3, 2023. The amendment envisages the introduction of a unified standard for the provision of information. This year, Armenia has already exchanged information under the agreement with more than 40 countries, resulting in the collection of data on domestic residents. This primarily concerns the transfer of banking data.
The amendments to the agreement, signed within the framework of the Organization for Economic Cooperation and Development (OECD), are aimed at clarifying certain provisions. Specifically, they aim to improve the efficiency of information exchange by expanding the scope of exchanged information, strengthening oversight of the legality of self-declarations, and improving the accuracy and comparability of information. The amendment also clarifies the scope of information exchanged, specifically including more detailed information on submitted self-declarations, account types, the role of controlling persons of legal entities and their identification, account status characteristics, and forms of participation in companies providing investment services.
Accession to the amendment to the agreement within the established deadline, the Deputy Chairman of the State Revenue Committee emphasized, will allow the Republic of Armenia to fully participate in the process of complete and timely exchange of information with partner countries, which will contribute to increased transparency of the tax system and simultaneously reduce the risks of tax evasion and income failure.
