Financial institutions of Moldova are required to provide the State Tax Service with information on financial accounts for 2023 by the end of March 2024.
The State Tax Service recalled that the Ministry of Finance approved in mid-November the Regulation on the automatic exchange of information on financial accounts, as well as the list of jurisdictions participating in the exchange of information on financial accounts with which Moldova will carry out the automatic exchange of information on financial accounts. In particular, it regulates the way in which reporting financial institutions implement the provisions of the Law on the implementation of the provisions of the Multilateral Agreement of Competent Authorities on the Automatic Exchange of Information on Financial Accounts, in accordance with the Common Reporting Standard of the Organization for Economic Co-operation and Development (OECD). The regulations establish accountable financial institutions; reporting entities; reporting accounts; categories of information to identify the reporting entity; the diligence rules applied by these institutions to identify the accounts being reported, and the rules for reporting this information. The document stipulates that reporting financial institutions submit information that is the subject of reporting to the State Tax Service annually before May 31 of the calendar year following the year to which this information relates. Information is presented in electronic format through the State Tax Service information system, while all reporting financial institutions are required to transmit information that is the subject of reporting in the form and manner established by the State Tax Service. The department clarified that reporting financial institutions are required to submit the provisions of the Article 3 of the information for periods starting in 2023. In particular, the subject of exchange between the competent authorities is the following information: in the case of an individual - last name, first name, address, fiscal code, date and place of birth, account number, account balance or value at the end of the calendar year; in the case of any custodial account, the total gross amount of interest, dividends and other income received from the assets in the account, paid or credited to the account; in the case of a depository account - the gross amount of interest paid or credited to the account during the calendar year, etc. Moldova will automatically exchange information on financial accounts with 122 jurisdictions. Thanks to this exchange of financial information, the State Tax Service will have a general understanding of the funds stored in foreign accounts of residents of Moldova. //06.12.2023 – InfoMarket.
