Armenia reviews update to data exchange agreement

PanARMENIAN.Net - An amendment to the international data exchange agreement has been presented in a parliamentary committee, aimed at improving the efficiency and accuracy of information sharing.

Armenia signed and ratified back in 2023 the agreement on implementing the Common Reporting Standard (CRS), which envisages international exchange of information on financial accounts. It has become an important tool for tax transparency, enabling data exchange between countries, the National Assembly’s press service reported.

This year, Armenia has already exchanged information with more than 40 countries under the agreement.

At a session of the Standing Committee on Economic Affairs, Deputy Chairman of the State Revenue Committee Rafael Gevorgyan presented, in the first reading, the draft law on ratifying the amendment to the Multilateral Competent Authority Agreement on the automatic exchange of financial account information.

The proposed changes mainly clarify certain provisions of the agreement, particularly those related to self-certification, identification rules, and the processes for identifying account holders among both legal entities and individuals.

The draft has received a positive opinion from the committee.