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We’ll join the automatic exchange system of financial accounts by the adoption of the draft. The first exchange is planned from 2025: The Chairman of the RA State Revenue Committee (SRC) Rustam Badasyan said at June 11 NA sitting, presenting for debate the draft law on Making Amendment and Addenda to the RA Tax Code. It was revised according to the Convention on Mutual Administrative Assistance on Tax Matters for ensuring the automatic exchange requirement of the designed information.

Rustam Badasyan noted that while collecting data on the residents of the other country, the financial institutions are obliged to submit general data on other residents.

The key rapporteur informed that on September 13, 2023 the RA NA adopted the RA law on Ratifying the Multilateral Agreement on Competent Authority on Automatic Exchange of Financial Account Information, and the next step is the revision of the legislative regulations necessary for the automatic exchange by the inner legislation.

The RA SRC Chairman emphasized the adoption of the draft in terms of administration toolset, the information sources and the expanding of the analytical capacities.

The deputy Hayk Tsirunyan presented the viewpoint of the NA Standing Committee on Economic Affairs on the draft law. Ge proposed his colleagues to vote for the draft.