New DTATs on their way

UniCredit Bulbank AD
Thu, 05/11/2015

The Bulgarian Parliament ratified two new Double Taxation Avoidance Treaties as well as a tax information exchange with Guernsey and Jersey.
                                                                       
Eligible residents of Romania, UK and Norway will benefit from new treaty rates following the procedure set out in the Bulgarian Tax-Insurance Procedure Code.

A new DTAT between Bulgaria and Romania will replace the current version dated from 1994. Moreover, the currently effective DDT dated from 1987 between Bulgaria and The United Kingdom and Northern Ireland will be replaced.

Earlier this year, a new Double Taxation Avoidance Treaty between Bulgaria and Norway had also been ratified by the Bulgarian Parliament with the aim to replace the current DDT dated from 1988.

In addition to that, an agreement between the Government of Bulgaria and the Government of Guernsey on the exchange of tax information was ratified by the Bulgarian Parliament in October; a similar Agreement with Jersey is pending ratification. The agreements will enable the exchange of information on the basis of a request sent by the administration of one country to the administration of the other country for collecting data related to a particular case. They create an appropriate legal environment for interstate cooperation for the investigation and prevention of tax evasion.

Contact:
Kristina Spasova
Relationship Manger
Global Securities Services Bulgaria
kristina.spasova@unicreditgroup.bg