FACTA agreement signed

UniCredit Bulbank AD
Summary: 
On 5 December 2014 Bulgaria signed the FATCA Agreement.
Mon, 15/12/2014

The Bulgarian Minister of Finance Vladislav Goranov and the US Ambassador to Bulgaria H.E. Marcie Ries have signed the Model 1 Intergovernmental  agreement (IGA) between the Government of the Republic of Bulgaria and the Government of the United States of America on the implementation of the Foreign Account Tax Compliance Act (FATCA.)

With this agreement Bulgaria becomes part of the international exchange of information under the FATCA, according to which financial institutions in Bulgaria will report the account balances of US persons, including direct and indirect holdings, to the Bulgarian National Revenue Agency, which in turn will report them to the US Internal Revenue Service (IRS).

Impact on investors:  This agreement will enable intergovernmental exchange of information and thus contribute to enhancing international banking and tax transparency and improving the measures against tax evasion.