Bulgaria parliament to adopt Bulgaria-USA agreement on FATCA

Sofia. Bulgarian National Assembly is to discuss on second reading a non-reciprocal agreement between the Government of the Republic of Bulgaria and the Government f the United States of America on the improvement of the observation of the tax legislation in international aspect and enforcement of Foreign Account Tax Compliance Act (FATCA).

Under the document Bulgaria will provide tax information to the USA.

Under the agreement all Bulgarian financial institutions obtain a status of participants in the regime and will not be imposed an income tax for the payments of the source USA, which is 30%.

This draft bill provides single approach of the financial institutions in terms of obligations and problems solutions connected with the bank secrecy lifting.