INFORMATION ABOUT BANK DEPOSITS ABROAD REQUIRED AS OF APRIL 1, 2004
By April 1, 2004 at the latest Bulgarian citizens and companies should reveal to the Bulgarian National Bank (BNB) information about their deposits abroad, amendments to the Currency Act stipulate. The same information is to be presented regarding all credits, launched by Bulgarians to foreigners and vice versa. This becomes clear from the proposals for changes in the Currency Act before its final approval by Parliament.The BNB guarantees that the information shall be used only for the needs of statistics and the payment balance, and tax authorities shall not have access to it. This promise is absolutely necessary, because the rigorous sanctions alone would be hardly a sufficient motive for declaring voluntarily the investments abroad. In order to take the heat out of the situation, the central bank has required a revocation of its obligation to submit confidential information even to the Finance Ministry. After an almost 9-month delay, the amendments to the Currency Act will be probably voted conclusively by the National Assembly before the end of May.