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May 15, 2021

Bill allowing information exchange with other states to prevent fiscal fraud signed into law

President Klaus Iohannis signed on Friday the decree on the promulgation of the law ratifying the competent authorities’ Multilateral Agreement on the automatic exchange of information on financial accounts, which had been approved by the government on February 3.

“The agreement allows Romania to exchange information in order to identify natural or legal persons who circumvent the tax authority by transferring money to foreign accounts. The agreement provides for a framework permission. Romania will make a list of the states wherewith it seeks an automatic exchange of information, because this is done on a bilateral basis between the relevant authorities,” government spokesman Dan Suciu said back then.

According to the government, the exchange will include, inter alia, information to identify the person: name, address, tax identification number, information on the account number, the name and identification number of the reporting financial institution, information about the balance or value of the account, and in the case of a custodian account – information on the gross amount of interest, dividends or other income for the assets in the account or the amount of the gross receipts from the sale or buyback of financial assets.

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