Capital flows from abroad to be monitored more effectively

12:49 | 31.03.2023 Category: Economic

Chisinau, March 31 /MOLDPRES/- The exchange of information between Moldovan and foreign authorities on residents' accounts will become more efficient. Parliament approved today in the second reading the draft law for the implementation of the provisions of the multilateral Agreement of competent authorities for the automatic exchange of information on financial accounts.

With the adoption of this law by the Parliament, the Republic of Moldova will be able to effectively exchange financial information regarding the accounts opened or closed by residents of other states with the competent authorities abroad.

The document was submitted as a legislative initiative by the Government. According to the authors, the automatic exchange of information on financial accounts is aimed at transparency of capital flows from abroad, improvement of tax compliance at both national and international levels, encouragement of income statement by taxpayers, as well as voluntary transparency of operations and assets.

The Republic of Moldova became a member of the Global Forum on transparency and exchange of information for tax purposes of the Organization for Economic Cooperation and Development in 2016.

Photo: Parliament

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