Bulgaria – Parliamentary commission adopts draft bill ratifying bilateral agreement between Bulgaria and Switzerland that would permit exchange of bank account information for tax purposes

On 7 February 2013 the Budget and Finance Committee (Комисия по бюджет и финанси) of the National Assembly adopted, on first reading, a draft bill that would ratify an agreement signed in Sofia on 19 September 2012 between Bulgaria and Switzerland.  The agreement updated the pre-existing Convention for the Avoidance of Double Taxation [CADT] between the Republic of Bulgaria and the Swiss Confederation, signed in 1991, to permit for the first time the two sides to exchange information in order that both double taxation and tax evasion can be avoided.  The Convention will apply to accounts of both individuals and legal entities.

The draft bill, presented by the Council of Ministers on 31 January, was approved by the committee by a vote of 20 in favor, 0 opposed, and 0 abstentions.  The agreement signed on 19 September 2012 will enter into force once this draft bill has been adopted by the National Assembly.

On 7 February the draft bill was also reviewed by the Foreign Policy and Defense Committee, which issued an opinion in favor of the adoption of the bill by the National Assembly.

Signing of updated agreement in Sofia on 19 September 2012

Sources:

Parliament: Status page of draft bill: Законопроект за ратифициране на Спогодбата между Република България и Конфедерация Швейцария за избягване на двойното данъчно облагане на доходите и имуществото

Report of the Budget and Finance Committee: Доклад на Комисия по бюджет и финанси (2013-02-07)

Report of the Foreign Policy and Defense Policy Committee: Доклад на Комисия по външна политика и отбрана (2013-02-07)

News article: Ровят в сметките на българи в Швейцария (2013-02-07 16:42, updated 22:23)

Ministry of Finance: Signing of agreement in Sept. 2012: A NEW CONVENTION FOR THE AVOIDANCE OF DOUBLE TAXATION BETWEEN REPUBLIC OF BULGARIA AND THE SWISS CONFEDERATION HAS BEEN SIGNED (2012-09-19)

Mark Pleas

Eastern Europe Banking & Deposits Consultant

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