Standart News

Bulgaria’s tax inspectors will be granted access to the Swiss bank accounts of Bulgarian nationals. This is stipulated in the new agreement on the avoidance of double taxation of personal incomes, signed yesterday by Bulgaria’s Deputy PM Simeon Djankov and Switzerland’s Ambassador in Sofia HE  Regina Escher.
The document fixes a major omission in the agreement from 1991, which particularly concerns the exchange of banking information between the two countries.
The officials of the National Revenue Agency will have the right to request the Swiss banking record of a Bulgarian national, if a tax evasion inquiry has started against him or her.
Thus it will become clear whether the sum kept in their Swiss bank corresponds to the incomes they have declared in their tax returns, the Ministry of Finance informed. If it turns out that the sum in their bank account is larger than the officially declared income the Bulgarian authorities will be able to require that the bank account be temporarily blocked, until the case is settled.
According to various sources, at least 150 Bulgarian nationals have opened accounts in Swiss banks worth 250-300 million euro. The bilateral agreement on the Avoidance of Double Taxation is very important as it protects the interests of Bulgaria when it comes to the investments from Switzerland, Finance Ministry experts commented. The Agreement will come into force after its ratification by the Bulgarian Parliament.