Armenia sets rules for automatic exchange of financial account data under OECD standard

Armenia’s State Revenue Committee will send foreign tax authorities data on financial accounts held in Armenia by their tax residents every year by September 30. The procedures for sending and receiving the information, along with requirements for storing it, were approved at the October 22 cabinet meeting. The exchange will follow the Common Reporting Standard (CRS) of the Organisation for Economic Co-operation and Development (OECD).

Under the CRS, countries automatically exchange data once a year on bank and other financial accounts held by each other’s tax residents, to curb tax evasion through offshore accounts. In return, Armenia will receive data on accounts held abroad by Armenian residents.

Data will be sent only to countries on the list, published by the State Revenue Committee, of jurisdictions with which Armenia automatically exchanges financial account information. The exchange is based on the Convention on Mutual Administrative Assistance in Tax Matters, which Armenia has ratified, and the multilateral competent authority agreement.

Banks and other reporting financial institutions will submit data to the committee, which will check it and compile a separate package for each country, covering only account holders and controlling persons resident there. Each country will receive one package per reporting year. The packages will be encrypted and sent through the Common Transmission System operated under the OECD Global Forum.

If a receiving country rejects a package or finds errors, the committee will correct them and resubmit the data. It will respond to messages from foreign authorities and to packages received from other countries within 15 working days.

The committee will keep the information sent and received for at least five years. It will be covered by the confidentiality safeguards of the multilateral agreement and by Armenian personal data protection law, and the packages will carry a digital signature.

The decision implements amendments to the Tax Code adopted on July 3, 2026, and repeals government decision No. 718-N of June 5, 2025. It takes effect on the tenth day after official publication. The draft was prepared by the State Revenue Committee, and according to the explanatory note, no changes in state budget revenue or spending are expected.