Bulgarian MPs ratified at first reading non-reciprocal agreement with the United States

Sofia. MPs approved at first reading the bill on ratification of the Agreement between the Government of the Republic of Bulgaria and the Government of the United States to improve tax compliance internationally and enactment of FATCA, which sets for Bulgaria to provide tax information to the United States, a reporter of FOCUS News Agency announced.

The agreement provides for all Bulgarian institutions to receive financial status of participating in the regime and will not be subject to income tax on payments of US source, which amounts to 30%. This bill is a unified approach to financial institutions in the creation of their tasks and solving problems related to the disclosure of bank secrecy.