10:54, 1 February, 2021

YEREVAN, FEBRUARY 1, ARMENPRESS. A transfer pricing audit will be performed in Armenia for the first time ever, with Veolia Jur CJSC volunteering to the tax authorities to be the first business to undergo the process, the State Revenue Committee said.

The pilot program will be conducted jointly with specialists from the Italian tax service, and the audit will not lead to any tax consequences for the business.

The pilot program within the framework of the Organization for Economic Co-operation and Development Tax Inspectors Without Borders project is expected to develop Armenian taxation agency’s capacities in conducting transfer pricing audits. Veolia Jur was selected upon their consent from 15 businesses that were picked as a result of risk assessment.

State Revenue Committee President Edvard Hovhannisyan and Veolia Jur CEO Marianna Shahinyan signed a memorandum on launching the process.

Transfer pricing regulations are in force since 2020 January 1 in Armenia, and this project is expected to become the foundation for introducing transfer pricing audit system and implementing real audits.

Editing and Translating by Stepan Kocharyan