Under ward

Thu, 31/03/2016

Residents of tax havens are subject to disclosure requirements in Bulgaria. By Kristina Spasova, Relationship Manager, GSS Bulgaria                     

Amendments to the Markets in Financial Instruments Act implemented in May 2015 introduced an obligation for investment intermediaries to report all purchases of shares in Bulgarian public companies for residents of tax haven jurisdictions to the National Revenue Agency (NRA).

In line with this new requirement, the NRA issued guidelines for disclosure applicable for investment intermediaries that execute purchases in equities of public corporations on behalf of companies registered in tax haven jurisdictions.

Investment intermediaries must submit the appropriate disclosure form to the NRA via email and provide details of the:

  • entity making the purchase: the entity's name, jurisdiction, national registration number, address of headquarters, representatives’ names and nationality, and beneficial owners’ names and identification numbers
  • investment intermediary: name
  • public company: registration number and name
  • trade: number of the trade, quantity of financial instruments and price

The forms are available in Bulgarian language on the website of the NRA.

These amendments align local legislation with Directive 2013/36/EU - on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms (CRD IV) - and Regulation (EU) No 575/2013 - on prudential requirements for credit institutions and investment firms (CRR) amongst others.