Armenian banks initiate collection of data from Russian nationals for  automatic information exchange with Russia

Banks

YEREVAN, August 25. /ARКА/. Armenian banks and brokers have started to request information regarding the tax residency of Russians for the automatic exchange of information with Russia.

As reported by RBC, this exchange is anticipated to commence within this year. Consequently, details concerning the assets held by Russians in Armenia will be accessible to the Russian Federal Tax Service (FTS).

The financial exchange is conducted in accordance with the OECD standard. Armenia ratified the Convention on the Implementation of Measures Relating to Tax Treaties in September 2023. Concurrently, it has pledged to implement the automatic exchange of financial information by September 2025.

Armenia is set to exchange financial account details of bank clients with approximately 120 countries on an annual basis.-0-

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