Bulgaria's Parliament Approves Amendments Requiring Crypto-Asset Providers to Submit User Data to Tax Authorities

Providers of crypto-asset services registered and licensed in Bulgaria will be required to provide the executive director of the National Revenue Agency with identification data for every crypto-asset user, including their name, address, date and place of birth, the member state or partner jurisdiction in which they are tax resident, and their tax identification number. This is provided for in amendments to the Tax and Social Security Procedure Code, approved by parliament at second reading. They will also be required to provide information on each type of crypto-asset in relation to which the provider has carried out transactions, transfers and exchanges.

The draft also introduces into national legislation the requirements of a European directive on the automatic exchange of information relating to the top-up tax on large multinational enterprise groups. Other changes envisaged in the bill concern transfer pricing, bringing national legislation into line with the standards of the Organisation for Economic Co-operation and Development (OECD).