What is the Common Reporting Standard and what is its implementation goal: SRC

The State Revenue Committee reports that in 2025, Armenia will exchange information on financial accounts of non-residents for tax purposes for the first time under the principle of reciprocity with 47 out of more than 120 countries that have joined the automatic exchange system initiated by the Organization for Economic Cooperation and Development (OECD) (the list of countries is available on the official SRC website).

Today, September 30, marks the completion of this year’s data exchange process. In the coming years, the list of countries that will participate in the exchange will expand, including those countries that have not yet selected the Republic of Armenia as a partner country by 2025.

It is worth reminding that in 2023, Armenia ratified the multilateral agreement on the automatic exchange of information on financial accounts between competent authorities adopted by the OECD Global Forum, the provisions of which are implemented through the Common Reporting Standard.