Corina Alexa
As Corina Alexa, State Secretary of the Ministry of Finance, noted at the meeting, the need for these changes stems from the evolution of financial markets and the emergence of new tax risks associated with digital assets, such as cryptocurrencies.
Other changes include expanding the categories of data subject to automatic exchange, including detailed information about account holders and the reportable accounts themselves.
As Logos Press previously noted, the most significant change is the inclusion of digital assets (cryptocurrencies and electronic money) in the reporting system. This will allow tax authorities to track income in this sector just as effectively as they do with traditional bank accounts.
To implement these amendments, parliament also voted in the first reading to approve a draft amendment to a number of regulatory acts. The document regulates the list of information to be exchanged by the competent authorities of member countries of the Global Forum of the Organization for Economic Cooperation and Development. It will be clarified that the transfer of data by companies dealing in electronic money to the Tax Service under this Agreement does not constitute a breach of professional secrecy.
According to the document, the new reporting and due diligence rules will take effect on January 1, 2027. The relevant organizations will begin applying the updated requirements and reporting on them starting in 2028.
