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Automatic exchange of financial account information for tax purposes: Romania adds 26 new jurisdictions from 2018

Automatic exchange of financial account information

On 4 January 2018, ANAF Order no. 4142, which changes OPANAF no. 3.626/2016, was published in the Official Journal of Romania (no. 8/2018). This Order lists the reporting jurisdictions, with which Romania will cooperate based on the multilateral agreements signed by authorities in charge of the automatic exchange of information on financial accounts, as well as the list of non-reporting financial entities and of excluded accounts, as mentioned in legal instruments of international law to which Romania is a party.

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Deputy Senior Partner, Head of Tax & Legal

KPMG in Romania

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Reporting jurisdictions which have been excluded or maintained

Out of the 73 reporting jurisdictions mentioned in Order 3.626/2016, 29 have been cut out.

The jurisdictions which have been excluded are: Anguilla, Bermuda, Cayman Islands, Turks and Caicos Islands, British Virgin Islands, Antigua and Barbuda, Aruba, Bahamas, Bahrain, Barbados, Brunei Darussalam, Canada, Dominican Republic, United Arab Emirates, Ghana, Grenada, Hong Kong (China), Marshall Islands, Kuwait, Macao (China), Nauru, Niue, Panama, Qatar, St.Kitts and Nevis, St.Martin (The French Overseas Region), Trinidad and Tobago, Turkey.

There have been no changes to the list of EU jurisdictions. However, 26 new jurisdictions have been added, including Switzerland, Russia, Israel and China.

 

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