The Republic of Moldova is preparing to expand the automatic exchange of tax information with other countries, including by reporting new categories of financial assets, such as certain electronic currencies and products related to cryptocurrencies. The government is set to approve a project regarding the ratification of the amendment to the Multilateral Agreement of the Competent Authorities for the Automatic Exchange of Information on Financial Accounts, reports IPN.
According to the document, changes are necessary to align with updates to the Common Reporting Standard (CRS), developed under the auspices of the Organisation for Economic Co-operation and Development (OECD). The new amendment introduces additional reporting requirements and stricter verification rules for financial institutions, in the context of the rapid development of financial markets and digital assets.
The Ministry of Finance emphasizes that the automatic exchange of information is one of the most effective tools for combating tax evasion at an international level. Through this mechanism, tax authorities annually receive data about financial accounts held by Moldovan residents in other jurisdictions, which contributes to increasing tax transparency.
The Republic of Moldova is already applying this system and carried out the first automatic exchange of information in 2024, for data related to the year 2023. Currently, the country is exchanging information with approximately 120 jurisdictions participating in the system. The new rules are set to be implemented by financial institutions starting from January 1, 2027, and the first reports according to the updated standards will be made in 2028.
