Moldova to ratify multilateral agreement for automatic exchange of information on financial accounts

Chisinau, 26 January /MOLDPRES/ - The government today approved a draft law for the ratification of the multilateral agreement, which allows exchange of information, in order to identify private people or legal entities who evade the declaring of incomes and payment of taxes, through the transfer of money to accounts from abroad. Due to these exchanges of information, the State Fiscal Service (SFS) will have a general picture about the balances or value of the accounts held abroad by Moldova’s residents,’’ the government’s communication and protocol department has reported.  

The agreement, which was adopted in 108 countries, will help Moldova generate additional fiscal revenues, having possibility to identify cases of fiscal evasion and ensure the enhancement of the fiscal compliance.

Under the document, Moldova will be able to exchange information starting from September 2023. The exchange of information will be made in line with the provisions of the Law No 133/2011 on the protection of personal data.

The implementation of the aforementioned agreement comes from the need of aligning with the international standards of carrying out exchange of information on fiscal purposes, given that, in November 2016, Moldova became member of the Global Forum of the Organization for Cooperation and Economic Development as to the transparency and exchange of information on fiscal purposes.  

The agreement was signed in Berlin on 29 October 2014.

Photo: Government