Moldova will sign a Multilateral Agreement on the Competent Authorities’ Automatic Exchange of Information on Financial Accounts, which will open the STS access to information on Moldovan citizens’ foreign bank accounts.
In particular, at its last meeting, the government approved the signing of the corresponding agreement concluded in Berlin on October 29, 2014. As noted by the Ministry of Finance, the intention to sign the agreement is due to the need to approximate international standards on information exchange for tax purposes after Moldova in November 2016 joined the Organization for Economic Cooperation and Development Global Forum on Transparency and Exchange of Information for Tax Purposes. The agreement will allow Moldova to exchange information with the jurisdictions that have signed the agreement in order to identify individuals or legal entities that evade income declaration and payment of taxes by transferring money to accounts abroad, which will be an important step in ensuring income transparency. The exchange will include information regarding account holders (name, address, and fiscal code), the name and identification number of the reporting financial institution, information about the account balance or amount, dividends or other income. The exchange of information will be carried out in accordance with the Law on the Protection of Personal Data. As noted by the Ministry of Finance, thus, the exchange of information in the light of this agreement will become an important tool for reducing the shadow economy, countering illegal capital flows abroad and an additional source of budget revenues collection. Thanks to this exchange of financial information, the State Tax Service will have a general idea of the amount of funds stored in foreign accounts of residents of Moldova. // 23.12.2020 - InfoMarket.
