Financial institutions of Moldova must provide information on financial accounts for 2023 to the State Tax Service by May 31.
The State Tax Service recalled that, in accordance with the law on the implementation of the provisions of the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information, by the end of May, reporting financial institutions must submit information that is the subject of reporting for 2023. In particular, the subject of exchange is the following information: in the case of an individual - last name, first name, address, fiscal code, date and place of birth, account number, balance or account size 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 deposit account - the gross amount of interest paid or credited to the account during the calendar year, etc. Information is presented electronically through the module “Data exchange according to the Unified Reporting Standard” in the information system “Creation and circulation of electronic documents”. As noted by the State Tax Service, this activity is carried out in accordance with the Standard for Automatic Exchange of Financial Account Information in Tax Matters, which was developed by the Organization for Economic Cooperation and Development together with the G20 countries. It was previously reported that 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 Moldova’ residents. // 17.05.2024 - InfoMarket.
