site.btaParliament Ratifies Documents Related to Exchange of Information on Cryptocurrency and Financial Accounts

The Parliament approved conclusively, with two votes in one sitting, on Wednesday a bill on ratification of the Multilateral Competent Authority Agreement on the Automatic Exchange of Information under the Framework for the Provision of Information on Crypto-Assets and the Supplement to the Multilateral Agreement between Competent Authorities on Automatic Exchange of Financial Account Information. The bill was tabled by the Council of Ministers. 
 
The two documents were developed by the Organization for Economic Cooperation and Development to implement the new Crypto Asset Reporting Framework (CARF) and the changes to the Common Reporting Standard (CRS) provided for in the document “International Standards for Automatic Exchange of Information in Tax Matters - Crypto Asset Reporting Framework and Amendment to the Common Reporting Standard of 2023”. 
 
The two agreements constitute a legal framework for the practical implementation of exchanges between the affiliated jurisdictions under the new global rules. They are interrelated, with the aim of increasing tax transparency regarding crypto-assets and electronic money and improving administrative cooperation through the exchange of information received between competent authorities. 
 
According to the Council of Ministers, based on these agreements, Bulgaria will receive important information, which is essential for determining the tax liabilities of Bulgarian residents and businesses for income and assets they own abroad.