News - Armenia to get information on turnover of large corporations that work in the country

Armenia will receive data on the turnover of large corporations whose branches or subsidiaries work in the country. Ashot Muradyan, Deputy Chairman of the State Revenue Committee (SRC) of Armenia, said this during the debates on the draft on the country's accession the Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports at Monday’s session of the National Assembly. The country where the head office of a large company is registered will be obligated to inform about its turnover to the countries in which that company has branches. "However, this requirement will apply only to those corporations whose annual turnover starts from 750 million euros," Muradyan said. The purpose of this agreement is to monitor the turnover of corporations and avoid transfer pricing. The SRC deputy chairman is convinced that Armenia's joining the aforesaid agreement will increase investors' confidence in the country. The agreement was drawn up under the auspices of the Organization for Economic Co-operation and Development (OECD), and within the framework of the fight against tax evasion.