The Romanian Government announced that on Wednesday it passed a bill ratifying the Multi Competent Authorities for automatic exchange of information on financial accounts, signed in Berlin on 29 October 2014.
Once in force, this agreement will allow Romania to exchange information to identify individuals or companies that evade tax by transferring money to foreign accounts.
"Tax fraud and tax evasion across borders have become issues of major concern worldwide, so the European Commission in its communication of 6 December 2012 established an action plan to strengthen the fight against tax fraud and evasion, the automatic exchange of information constitutes an important instrument in this regard.
As a result of widening the scope of making the automatic exchange of financial information, the OECD has promoted multilateral agreement for the automatic exchange of information on financial accounts which include express provisions on fiscal secrecy.
The Finance Minister has signed for Romania, this agreement which will enable information sharing at a global standard agreed by the OECD. The agreement is consistent with the laws of our country and the corresponding policy promoted by Romania in the exchange of information, "reads the government press release, according to Vocea Transilvaniei.
For Romania, the exchange of information will be made from September 2017.