At September 5 sitting of the NA Standing Committee on Economic Affairs the Deputy Head of the RA State Revenue Committee Ashot Muradyan presented for debate the draft law on Ratifying the Multilateral Competent Authority Agreement (MCAA) on Automatic Exchange of Information on Financial Accounts.
The Agreement was signed on October 14, 2014, more than 110 countries joined the document. The aim is to ensure the fulfillment of the international tax obligations through automatic exchange of information on the basis of the Convention on Mutual Administrative Assistance in Tax Matters signed in Strasbourg on January 25, 1988.
The Agreement defines the format of the automatic exchange of information on financial accounts, the schedule and ways of exchange, the rule of preservation of information secrecy and protection of data. Ashot Muradyan underlined the fact that joining the Agreement does not mean direct start of exchange of information and does not imply compulsory exchange with the competent bodies of all states that signed the Agreement. After joining the Agreement, to start the exchange of information an official notification of set form will be submitted to the coordinating body (the Secretariat of the Organisation for Economic Cooperation and Development, OECD).
According to the rapporteur, joining the Agreement is effective with regards to both tax administration and the ensuring the international ranking of the Republic of Armenia.
The issue was endorsed by the Committee.
The debate of the bills on Ratifying the Agreement on Postal Payment Services and on Ratifying the Universal Postal Convention was postponed up to two months.