July 1 2020

COVID-19 Pandemic: Bulgaria Announces Intention to Defer Exchange of Information Deadlines

Source: IBFD Tax Research Platform News

On 11 June, the Bulgarian National Revenue Agency announced Bulgaria's intention to defer the reporting deadlines for the exchange of information under DAC2 and DAC6 reporting standards in light of the ongoing COVID-19 pandemic.

The announcement provides that financial institutions will be granted an opportunity to file DAC2, CRS and FATCA returns in respect of the 2019 reporting period by 30 September 2020. DAC6 reporting planned for launch on 1 July 2020, will also be deferred.

The envisaged extension of reporting deadlines has been based on Council Directive (EU) 2020/876 amending the Directive on Administrative Cooperation (DAC), according to which EU Member States are granted an option to defer the time limits with respect to the following reporting frameworks:

  • automatic exchanges of information under the EU Common Reporting Standard (CRS) for reporting financial institutions (DAC2); and
  • filing and exchange of information with respect to mandatory disclosure requirements (DAC6).

The Bulgarian National Revenue Agency is expected to announce further legislative measures for the amendment of the Bulgarian Tax and Social Security Procedure Code that regulates administrative cooperation and exchange of information.

The text of the announcement can be accessed through the website of the National Revenue Agency (in Bulgarian only).