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Seda Hergnyan

Armenia's Tax Authority Removes Controversial Bank Access Amendment from Public Debate

Armenia’s State Revenue Committee (SRC) has removed a controversial draft amendment, that would allow it to access individual business and corporate bank accounts without a court order, from public debate.

The SRC announced the draft amendment last week arguing it needs such information to carry out its monitoring mandate and that it will safeguard such details as prescribed by Armenian law.

The SRC claims bank account holders often refuse to provide such information to tax authorities.

The draft was submitted for public discussion on July 6 and was to remain on the e-draft.am website until July 21.

The SRC says it will present the draft for public discussion later after “comprehensive discussions and revisions with the Central Bank and other interested bodies”.

Many in Armenia’s business sector oppose the bill, arguing it gives tax authorities carte blanche to access bank accounts without any judicial oversight.

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