Bulgaria’s Council of Ministers approved the Bulgaria – United States Agreement on the Automatic Exchange of Country-By-Country (CbC) Reports (2024) on 17 July, 2024.
This automatic exchange of CbC reports will enhance international tax transparency and aid tax administrations in targeting resources to identify, monitor, and address high-risk cases of tax evasion by large multinationals.
With this agreement, Bulgaria and the US are honoring their commitments under the Organisation for Economic Co-operation and Development (OECD) and the G20 Plan to combat base erosion and profit shifting through this agreement.
Earlier, Bulgaria’s Ministry of Finance signed a country-by-country (CbC) exchange agreement with the US on 31 May, 2024.
