The State Revenue Committee Regrets and Withdraws from Further Discussions on Banking and Insurance Secrecy Projects

The State Revenue Committee, in line with its oversight functions and obligations under international agreements ratified by the Republic of Armenia, had initiated and presented for public discussion a package of draft laws aimed at amending the "Law on Banking Secrecy of the Republic of Armenia," the "Law on Insurance and Insurance Activities of the Republic of Armenia," and amendments to the "Tax Code of the Republic of Armenia." These were motivated by the need for effective and comprehensive implementation of complex tax audits and the acquisition and dissemination of information containing banking and insurance secrecy.

The issue arises because the State Revenue Committee, being the entity responsible for maintaining confidentiality as stipulated by law, is sometimes deprived of the ability to fulfill the obligations assumed by the Republic of Armenia due to artificial obstacles.

Considering the public response to the presented drafts and keeping in mind that the resolution of the issue may be achieved by establishing other procedural mechanisms for obtaining the aforementioned information, the State Revenue Committee has decided to refrain from further discussions on the presented drafts at this stage.