Romania’s tax collection agency ANAF is currently checking two local banks for the way they paid their profit taxes over the past years and will start controlling the third bank in February, the agency’s representatives confirmed, according to Profit.ro.

ANAF said that the on-going investigations regard the corporate profit tax and taxes paid by non-resident entities on their revenues derived in Romania between 2011 - 2016 and 2012-2017 respectively.

On January 10, 2019, another bank unit was notified regarding an imminent partial inspection for tax purposes, starting February 12, 2019, which will focus on the corporate profit tax payable between 2013 and 2017.

ANAF announced recently that its controls will target mainly large-sized contributors in the following year, following similar rhetoric against foreign multinational groups as the ruling party - Social Democratic Party (PSD).

Banks, in particular, are a target for the authorities these days. The Government levied a controversial tax on financial assets at the end of last year, accusing the banks operating in Romania of greed and of alleged transfer pricing and using unfair means for hiding part of their earnings. Meanwhile,  the banks have increased the demanded costs for financing the state, determining the Finance Ministry to stop its planned bonds issues on the local market and start consuming its cash reserves.

editor@romania-insider.com