Global Forum Secretariat and Asian Development Bank support Armenia in strengthening its confidentiality and data protection framework and implementing automatic exchange of information

15/03/2023 - A delegation from the Secretariat of the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) and the Asian Development Bank (ADB) visited Yerevan from 6 to 10 March 2023 to support Armenia in strengthening its confidentiality and data protection framework and implementing automatic exchange of information (Common Reporting Standard (CRS)) and Country-by-Country Reporting (CbCR).

Armenia recently committed to undertake first reciprocal exchanges of CRS data by 2025. To support its implementation efforts, experts from the Global Forum and the ADB worked with the State Revenue Committee of Armenia and the Central Bank of Armenia on the required building-blocks needed to meet the country’s commitment. These include the setup of a domestic and international legal frameworks, IT resources and an appropriate confidentiality and data safeguards framework. The latter is a critical requirement for all form of automatic exchange of information between tax administrations around the world, including the CRS and CbCR.

Background information:

The Global Forum is the leading multilateral body mandated to ensure that jurisdictions around the world adhere to and effectively implement both the exchange of information on request standard and the standard of automatic exchange of financial account information. These objectives are achieved through a robust monitoring and peer review process. The Global Forum also runs an extensive capacity-building programme to support its members in implementing the standards and help tax authorities make the best use of cross-border information sharing channels.

For more information, please contact gftaxcooperation@oecd.org.