News

Dear customer,

The Common Reporting Standard (CRS), (hereinafter also referred to as Standard) has been developed by Organization for Economic Co-operation and Development (OECD) to promote tax transparency and combat  tax evasion.

The tax authorities of the countries that have adopted the Standard will, on the basis of reciprocity, automatically exchange information once a year regarding the financial accounts of non-residents held in financial institutions. For that purpose, the financial institutions should collect and provide information to local tax authorities regarding the tax residency of customers, account balance and other information defined by the Standard.

We inform you that the Republic of Armenia, as an OECD member, has joined the Standard, for the implementation of which relevant changes have been also made to the RA Tax Code.

As a result of changes and addendums to RA Tax Code (hereinafter – the Code) , financial institutions of RA, including ARMECONOMBANK OJSC (hereinafter – the Bank) should submit information to the tax authority regarding the accounts of resident  account holders of foreign states and controlling persons. The scope of information provided to tax authority is established by Common Reporting Standard published by OECD.

By continuing to use the Bank’s services, you agree that the information on your accounts as provided for by the RA Tax Code and the Standard, will be submitted to the RA tax authority.  You may inform the Bank of disagreement through any official means of communication within 10 days’ period following the receipt of this notice.