site.btaBulgaria Gets Positive Assessment in OECD Review

Bulgaria Gets Positive Assessment in OECD Review

Sofia, November 20 (BTA) - Bulgaria was assessed as "largely compliant" in the Global Forum on Transparency and Exchange of Information for Tax Purposes Peer Review of the Organization for Economic Cooperation and Development (OECD), the National Revenue Agency said.

The review assessed BulgariaТs legal framework as well as its implementation in practice. The report concludes that Bulgaria is overall largely compliant with the international standard on transparency and exchange of information.

Nevertheless need for improvement was identified in respect of availability of ownership information on companies which can issue bearer shares and certain gap remains in respect of foreign companies and partnerships conducting business in Bulgaria and foreign trusts.

The relevant laws and regulations are properly implemented in practice. However, supervisory and enforcement measures taken by the registration authority should be further strengthened. Bulgaria has in place processes and resources to ensure timely provision of the requested information in the majority of cases and it is considered by its peers an important and reliable EOI partner, reads the review.

The Global Forum on Transparency and Exchange of Information for Tax Purposes is the multilateral framework within which work in the area of tax transparency and exchange of information is carried out by 120 jurisdictions, which participate in the Global Forum on an equal footing. The Global Forum is charged with in-depth monitoring and peer review of the implementation of the international standards of transparency and exchange of information for tax purposes. These standards are primarily reflected in the 2002 OECD Model Agreement on Exchange of Information on Tax Matters and its commentary, and in Article 26 of the OECD Model Tax Convention on Income and on Capital and its commentary as updated in 2004. The standards have also been incorporated into the UN Model Tax Convention.