Bulgaria joins automatic exchange of financial account information agreement

Sofia. Bulgaria joins the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information, the press office of the Bulgarian cabinet announced.

The agreement was signed by 51 jurisdictions on October 29, 2014 in the frames of the Global Forum on Transparency and Exchange of Information for Tax Purposes with the Organisation for Economic Co-operation and Development (OECD) held in Germany.

The agreement is a multilateral framework that will allow exchange of information among the parties involved.

The signing of the agreement will allow Bulgaria take part in the global automatic exchange of financial account information and allow it receive information about the financial accounts of the Bulgarians and foreign formations, controlled by Bulgarians in counties that have joined the agreement.