The government of the Republic of Bulgaria approved the accession of Bulgaria to the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information. The agreement was signed on the 29th of October 2014 in Germany, by 51 jurisdictions, during the Global Forum on Transparency and Exchange of Information for Tax Purposes to the The Organisation for Economic Co-operation and Development.
By signing the agreement, the Republic of Bulgaria will receive the opportunity to exchange, bilaterally, financial information with the countries participating in the agreement. The global automatic exchange of financial information, to which the Republic of Bulgaria will access, will allow The National Revenue Agency to receive data on the accounts of Bulgarians, Bulgarian and foreign companies and organisations, controlled by Bulgarians in the participating countries. In turn, The National Revenue Agency will send data on the accounts of foreigners and bulgarian companies and organisations, controlled by foreigners, citizens of the participating countries.