How exchange of information works in Bulgaria: day 2 of the EU4PFM Study Visit

On October 14, Ivan Antonov, Chief Legal Adviser at the Tax Treaties Directorate of the National Revenue Agency of Bulgaria, shared with the Ukrainian delegation Bulgaria’s practical experience in implementing exchange of information on request and automatic exchange of information – including the introduction of CRS 2.0 and the Crypto-Asset Reporting Framework (CARF).

According to Mr Antonov, Bulgaria uses two main systems for managing processes of information exchange on request: the internal system used by numerous government institutions (Archimedes) and the central application for electronic forms (eFCA).

The speaker placed particular emphasis on the recent updates to the Common Reporting Standard for Automatic Exchange of Financial Account Information (CRS 2.0). This part of the discussion was especially relevant for the Ukrainian side, as Ukraine is committed to implementing these changes in its own practice. Introducing these updates will help modernise the CRS framework and enhance the efficiency of reporting.

The Study Visit was organised by EU4PFM as part of its ongoing support for strengthening the institutional capacity of the Project’s partner institutions.