Bulgarian cabinet approves deal with US on foreign account tax compliance

Bulgaria’s cabinet has approved an agreement with the United States on the US’s Foreign Account Tax Compliance Act (FATCA), which targets tax non-compliance by US taxpayers with foreign accounts.

Meeting on February 4, the cabinet approved the agreement, reached in December 2014, and said that it would ask the National Assembly to ratify it.

FATCA is a US federal law that requires US persons, including individuals who live outside the country, to report their financial accounts held outside of the US, and requires foreign financial institutions to report to the Internal Revenue Service (IRS) about their US clients.

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(Photo: Patrick Houette)