Bulgaria to exchange information with Guernsey on tax matters

Sofia. Bulgarian Council of Ministers approved at its regular Wednesday sitting an agreement on exchange of information on tax matters signed between the governments of Bulgaria and Guernsey.
The cabinet proposes the National Assembly ratifies the document, the press service of the Government announced.
The agreement sets conditions for the strengthening of administrative cooperation between the two sides in the field of taxation, which at present takes place only on the basis of an agreement on savings taxation.
The agreement on exchange of information on tax matters between Bulgaria and Guernsey is the first of this kind of agreements for Bulgaria as in general exchange of information in the field of direct taxes takes place solely on the basis of agreements signed by Bulgaria to avoid double taxation and on the basis of Directive 2011/16/EU (in the frames of the EU).
The agreement with Guernsey covers only exchange of taxation information.