UniCredit Bank S.A.
Summary:
The Romanian Finance Minister Maria Ioana Petrescu signed together with representatives from 52 states and jurisdictions the Declaration of compliance with the provisions of the Multilateral Agreement for the automatic exchange of financial information
Mon, 03/11/2014
Starting with September 2017 Romania will begin the exchange of financial information in the context of signing of the multilateral agreement for the automatic exchange of information. Under this Agreement, Romanian Tax Authorities will be able to check the foreign bank accounts of the taxpayers who are residents in Romania.
Before performing automatic exchange of financial information between two countries, one of the conditions is that the Convention on Mutual Administrative Assistance in Tax Matters must be in force. Regarding Romania, the Convention enters into force on 1 November 2014.
Impact on investors: Multilateral Agreement signed by Romanian Ministry of Finance for the exchange of financial information