Armenia joins Standard for Automatic Exchange of Financial Account Information
1 minute read
YEREVAN, NOVEMBER 7, ARMENPRESS. Armenia, a member of the Organisation for Economic Co-operation and Development (OECD), has joined the Standard for Automatic Exchange of Financial Account Information, the State Revenue Committee has said.
The Standard for Automatic Exchange of Financial Account Information, developed by the OECD with G20 countries, represents the international consensus on automatic exchange of financial account information for tax purposes, on a reciprocal basis.
The first exchange will start in 2025. Armenia will implement the exchange of financial account information of non-residents, once per year, on a reciprocal basis, with 120 countries and territories.
The relevant changes have been made to the tax code and Armenia has joined the international agreements serving as the legal basis for the exchange.
Highlighting confidentiality requirements, the Armenian State Revenue Committee has already successfully introduced the confidentiality and information security management (ISM) system of the OECD.