YEREVAN, January 8. /ARКА/. During a meeting on Thursday, the Armenian government gave its approval to a draft law that ratifies the amendment to the Multilateral Agreement of Competent Authorities regarding the “Automatic Exchange of Financial Account Information,” which was signed on October 14, 2014.
The rationale behind these amendments is to enhance the efficiency of information exchange by broadening the range of information shared, reinforcing the oversight of the legality of self-declarations, and improving the accuracy of the data exchanged.
The amendment specifies the information scope, particularly by incorporating more detailed data on the self-declaration submitted, types of accounts, the role and identification of controlling legal entities, characteristics of account status, and forms of participation in companies that provide investment services.
By adhering to the amendment within the designated timeframe, the Republic of Armenia will be able to engage fully in the complete and timely exchange of information with partner nations. This will aid in enhancing the transparency of the Armenian tax system while mitigating the risks associated with tax evasion and under-reporting of income.
In 2023, Armenia ratified the multilateral agreement concerning the automatic exchange of financial account information, which was developed and adopted by the Global Forum of the Organization for Economic Cooperation and Development (OECD). In September 2025, Armenia initiated the process of exchanging non-resident financial account information with its partner countries.-0-
