Moldova to automatically exchange information on financial accounts with other states

Chisinau, Dec. 21 /MOLDPRES/- The Republic of Moldova will provide to the competent authorities of foreign states financial information on the accounts opened or closed by residents of other states. At the same time, the authorities will be able to obtain the same information regarding the accounts held by our citizens in other countries. The transmission of information will be carried out by next 30 September for the information related to the previous calendar year.

According to the government's communication and protocol department, the provisions can be found in the draft law on the approval of the Multilateral Agreement of the competent authorities for the automatic exchange of information on financial accounts, approved today by the Government.

The automatic exchange of information on financial accounts aims to make capital flows from abroad more transparent, improve tax compliance both nationally and internationally, encourage the declaration of income by taxpayers, as well as voluntary transparency of operations and assets.

The Republic of Moldova became a member of the Global Forum on transparency and the exchange of information for fiscal purposes of the Organization for Economic Cooperation and Development in 2016. By joining this organization, the Republic of Moldova assumed the commitment to implement the two international standards on transparency and exchange of information: exchange of information on request (EOIR) and automatic exchange of financial account information (AEOI).

Photo: Government