The introduction of a personal financial disclosure statementmay be necessary in order to facilitate the application of the newregulations on levying tax on undeclared individual income, but ifall Romanians were required to submit such a statement, this wouldcreate an "administrative nightmare", tax consultants say.
On the other hand, were such a statement introduced only forcertain people, it would be unconstitutional and discriminatory,say lawyers.
Anyway, experts in the field say the tax authorities cannotcheck wealth accumulated prior to 2011, so this would lead to asort of tax amnesty for owners of big fortunes built fromundeclared income.
The Government decided at the end of last year that individualswhose real incomes exceed the amounts declared by at least 50,000lei, would pay a 16% tax levied on the difference between the twoamounts. The tax authorities intend to check if a high earner'sspending is covered by their income.
"The personal financial disclosure statement can be an importantelement in the enforcement of those legal provisions, but,considering that more than 90% of Romania's population will not betargeted by such investigations, I don't see why it should besubmitted by everybody," comments Gabriel Sincu, partner at Mazarsadvisory and audit firm.
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