Armenia has launched the process of tax information exchange with 47 countries, according to Anna Torosyan, head of the Financial Accounts Exchange and Compliance Division of the State Revenue Committee’s International Taxation Department, Sputnik Armenia reports.
She explained that under the Common Reporting Standard (CRS), the SRC will collect information from commercial banks and investment firms about non-residents, process it, and forward it to the relevant foreign tax authorities. “For example, data about a French citizen will be sent to France, about a German citizen to Germany, and so on. Information about Armenian citizens will not be shared unless it is reciprocal, meaning those countries must also provide data on Armenian residents,” Torosyan said.
The system is designed to improve transparency, ensure unpaid taxes are collected, foster a fair tax environment, and reduce evasion and abuse.
Torosyan also clarified that for dual citizens, only the country of tax residency matters, and data will be sent exclusively to that state.
Senior inspector Lia Ghukasyan added that for individuals, there is no income threshold, while for legal entities, certain limits apply. “For corporate accounts, if the year-end balance is below $250,000, that data is not exchanged,” she noted.
Officials also reported that more than 120 countries already apply the CRS standard. Armenia will initially join the process with 47 countries, under the OECD Global Forum agreement ratified by Armenia in 2023.
