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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 on January 1, 2025: The Chairman of the RA State Revenue Committee (SRC) Rustam Badasyan said.

At June 5 sitting of the Standing Committee on Economic Affairs, the draft law on Making Amendment and Addenda to the RA Tax Code was debated. It was revised according to the Convention on Mutual Administrative Assistance on Tax Matters for ensuring the automatic exchange requirement of the designed information.

“While collecting data on the residents of other country the financial institutions are obliged to submit general data on other residents to the tax authority of their country. And the tax bodies, which joined the Agreement, they exchange between each other,” Rustam Badasyan detailed.

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

The draft was endorsed.