The Parliament adopted on second reading amendments to the Tax-Insurance Procedure Code. Some of the texts introduce provisions of the European directive for automatic exchange of financial information. The measure is aimed against the growing number of cross-border cases of tax fraud and tax evasion both in the European Union and globally.
Other amendments are aimed to optimize the process of levying taxes and mandatory social insurance contributions and facilitate the inter-institutional relations, as well as to improve the regulatory regimes for coercive collection of public receivables and increase compliance.
By the transitional and final provisions of the Act the MPs introduces changes in the Law on Credit Institutions, according to which the Bulgarian National Bank /BNB/ should establish and maintain an electronic information system for bank account numbers, their holders and persons authorized to administer the accounts, and for persons renting bank safes. Banks will have to provide this information to the central bank on a monthly basis. Access to information from the system will be granted to the judicial authorities, General Directorate “National Police” and General Directorate “Combating Organized Crime” of the Interior Ministry, SANS, NRA and the Commission on forfeiture of illegally acquired property. It is envisaged that the electronic system become active as of January 1, 2017. The amendments to the TIPC will come into force on January 1, 2016.