Moldova is authorized for mutual exchange of financial account data
State Tax Service (STS) announced this, noting that on September 20, the Global Forum of the Organization for Economic Cooperation and Development (OECD) adopted and published the Report on Data Privacy and Security, and thus Moldova has the right to mutual exchange of data on financial accounts. As STS emphasizes, the automatic exchange of information on financial accounts is an important international instrument for reducing the shadow economy, countering illegal capital flows abroad, combating tax evasion and an additional source of budget revenues. According to the Law on implementation of the provisions of the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information , reporting financial organizations annually transmit information that is the subject of reporting, until May 31 of the calendar year following the year to which it relates, in electronic form through the Information System of State Tax Service. STS recalled that after Moldova's commitment to implement the standard of automatic exchange of information on financial accounts (AEOI), from May 21 to 23, our country was subjected to an assessment by the OECD Global Forum, in particular with regard to data confidentiality and security. //25.09.2024 - InfoMarket.
