The new Tax Code may provide penalties for the failure to declare real estate properties, reports local Economica.net.

There have been other attempts to apply this penalty in the past but they were rejected every time under the pressure imposed by the investment community and the business people involved in real estate.

These are only speculations, as the new Tax Code is being discussed behind closed doors until the final form is reached. This lack of transparency unsettles the main real-estate players, as the first versions of the new Tax Code that were released in the media seemed overly harsh with the taxpayers, foreseeing a penalty for the failure to declare property that starts at 10% and can reach up to 100% in case of tax evasion.

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