Tax Alert – Changes to Tax and Social Security Procedure Code (Exchange of Information) (EN)

MandatoryAutomaticExchangeof Mandatory Automatic Exchange of Financial Information in the Field of Taxation

Changes to the Bulgarian Tax and Social Security Procedure Code

(effective as of 1stJanuary 2016)

Introduction; Purpose of Exchange; Object of Exchange

Countries/jurisdictions will automatically and systematically exchange information about financial accounts.

Bulgaria will start exchanging such information as of 1 stJanuary 2016.

Purpose of Exchange
The information obtained through the exchange may be used for establishment and collection of tax liabilities.

Information Object of Exchange
The information that is exchanged includes inter alianame and address of account holder, account number, account balance, interest received at the account through the calendar year, information for income from financial assets, dividends received etc.