Fiscal authorities have their sights set on those whose fortune goes up by over 50m euros a year
The fiscal authorities are preparing new surprises, through
legislative modifications for those whose fortune increases by at
least 50 thousand euros in a year, forcing them to submit wealth
statements.
If wealth statements do not match the records of the fiscal
authorities - which mainly include dividends reported by the
companies held by those targeted, then the undeclared wealth will
be levied a 16% tax, writes Gandul daily, citing Marian Morcosa,
director of the Control Department of ANAF (Romanian fiscal
authorities).
"These legislative modifications also grant power to the fiscal
authorities to conduct a fiscal inspection of the individuals whose
wealth grew unjustifiably, as results from revenues reported to the
specialised fiscal authorities," Morcoasa told Gandul.
Emilian Duca, Tax Partner at BDO Conti Tax Advisors, believes the model that the fiscal authorities want to use is not an original, but an imported one, with several European countries having used this crosscheck method, which is currently used in Turkey.