In an important stride towards global transparency and cooperation in tax matters, Bulgaria has received a laudable rating of Largely Compliant from the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes (GFTEITP). The announcement, made by the National Revenue Agency (NRA) on Monday via its official website, marks an essential moment in Bulgaria's commitment to international tax standards.

The rating comes following an exhaustive peer review conducted by the GFTEITP, spanning from December 2022 to February 27, 2024. The comprehensive assessment focused on Bulgaria's implementation of the standard on exchange of information on request (EOIR). Published by the OECD on March 28, 2024, the peer review report underscores Bulgaria's dedication as an active participant in global efforts aimed at combating tax evasion and fostering mutual administrative assistance.

At the heart of the GFTEITP's mission lies the promotion of internationally agreed standards on Exchange of Information on Request (EOIR) and Automatic Exchange of Information (AEOI). With 171 member jurisdictions pledging commitment to at least implement EOIR, the forum serves as a cornerstone in the fight against tax evasion, offshore financial centers, and money laundering.

The essence of the international standard revolves around the exchange on request of relevant information for the enforcement of tax laws and agreements between nations. This entails jurisdictions maintaining data on the ownership of legal entities, accounting records, and banking information, facilitating seamless cooperation with tax authorities worldwide. By adhering to these standards, countries like Bulgaria lay the groundwork for robust international collaboration in tackling tax evasion effectively.