site.btaCabinet Approves Bulgaria's Accession to Two OECD Documents on Automatic Exchange of Information

The cabinet approved Wednesday the country's accession to Multilateral Competent Authority Agreement on Automatic Exchange of Information under the Crypto-Asset Reporting Framework and to the Supplement to the Multilateral Competent Authority Agreement for the Automatic Exchange of Financial Account Information.

The Council of Ministers authorized the Finance Minister to sign the two declarations of accession and submit them to the Organization for Economic Co-operation and Development (OECD) subject to subsequent ratification.

Both documents constitute a legal framework for the practical implementation of exchanges between the adhering jurisdictions under the new global rules. The two documents are interlinked, with the aim of increasing tax transparency in relation to crypto-assets and e-money.

Accession to the Multilateral Agreement on CARF and the Supplement to the Multilateral Agreement on CRS will also allow for the exchange of information with partner jurisdictions outside the European Union. This will have a very positive impact on Bulgaria's image as a country that follows and applies international standards for tax transparency and effective administrative cooperation with its partners. On the basis of these agreements the country will receive important information that is essential for determining the tax liabilities of Bulgarian residents and businesses for income and assets they own abroad.

The first official signing ceremony is scheduled to take place on November 26 in Asuncion, Paraguay, on the margins of the 17th Plenary Meeting of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes.