site.btaBulgaria Joins Multilateral Agreement on Automatic Exchange of Tax Information

During the 17th plenary meeting of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes, hosted by the Paraguayan capital Asuncion, Deputy Prime Minister and Finance Minister Lyudmila Petkova signed the documents for Bulgaria’s accession to the Multilateral Competent Authority Agreement on Automatic Exchange of Information pursuant to the Crypto-Asset Reporting Framework, the Finance Ministry in Sofia reported on Wednesday.

The agreement provides for information sharing between Bulgaria and non-EU partner jurisdictions, as a result of which the country will receive important data relevant to the setting of tax liabilities of Bulgarian residents and businesses on incomes and assets abroad.

Bulgaria’s accession to the agreement strengthens its reputation as a country which observes and implements international standards of tax transparency and carries out effective administrative cooperation with its partners. The move attests to Sofia’s engagement in the work of the OECD (the Organisation for Economic Co-operation and Development) and the fight against tax evasion.

In November 2023, Bulgaria subscribed to the International Joint Statement on the Crypto-Asset Reporting Framework, which is a tax transparency standard developed by the OECD.

In Asuncion, Petkova attended a working breakfast hosted by the President of Paraguay, Santiago Pena.

The plenary meeting focused on the exchange of expertise on partner inspections and the challenges of working under limitations related to data confidentiality and protection, which confront the tax authorities across the world. The matter of data protection is particularly important amid the growing automatic exchange of tax information as more and more jurisdictions join the system.

Delegations from 171 member jurisdictions of the OECD Global Forum are taking part in the plenary meeting in Asuncion (November 25-29). The event is also attended by international observers, members of various organizations, civil society representatives and academics. The main theme of this year’s meeting is about increasing tax transparency by raising efficiency by up-to-date methods and speedy introduction of information exchange standards, the Bulgarian Finance Ministry said.