Double Taxation Agreement (DTA) is an agreement between two or more countries for the avoidance of double taxation.
Romania signed DTAs which already came info force with the following jurisdictions (for agreements which came into force after 1 January 2013 the date of coming into force is given in brackets):
There are also several agreements between Romania and other jurisdictions which were signed but haven't yet come into force (for agreements signed after after 1 January 2013 of signing the agreement is given in brackets):
There are 3 ways for jusrisdictions to exchange information on tax matters:
Spontaneous exchange of information is provision of information that is forseeably relevant to another party without a request being previously sent.
Tax Information Exchange Agreements (TIEAs) enable exchange of information on request relating to a specific tax investigation, either criminal or civil.
Automatic information exchange allows jurisdictions to exchange information automatically, without having a specific tax investigation.
Romania signed TIEAs which already came info force with the following jurisdictions (for agreements which came into force after 1 January 2013 the date of coming into force is given in brackets):
Romania signed the automatic information exchange agreement on 29 October 2014 and committed to start the automatic information exchange in September 2017.
Romania has signed bilateral agreements with 55 jurisdictions to automatically receive information:
Romania has signed bilateral agreements with 33 jurisdictions to automatically send information:
Foreign Account Tax Compliance Act (FATCA) which became law in the United States in March 2010, focuses on reporting made by foreign financial institutions about financial accounts held by US taxpayers or foreign entities in which US taxpayers hold a substantial ownership interest. The FATCA-reporting is facilitated by Intergovernmental Agreements (IGAs).
|FATCA Status in Romania|
|IGA in effect since 28 May 2015, Model 1|
Romania has FATCA agreement with the U.S. in effect since 28 May 2015 (Intergovernmental Agreement Model 1). Financial institutions operating in Romania are required to identify U.S. taxpayers by January 1, 2017 and to report the information for 2017 and the subsequent years. The agreement is reciprocal: Romanian financial accounts hold in U.S. financial institutions will be reported to Romanian authorities.