Romania's tax administration ANAF has checked 10 wealthy Romanians from the first group of 336 people with personal assets of over EUR 20 million.

Following the checks, which targeted revenues made in 2011, the authorities found total undeclared incomes of RON 86.9 million (some EUR 20 million). From this total, RON 23.7 million (EUR 5.3 million) represented undeclared incomes from unidentified sources while the rest were undeclared revenues from identified sources.

The due taxes and penalties for the undeclared revenues amount to some EUR 3.7 million, according to ANAF.

According to ANAF, these checks had a high degree of complexity. The inspectors checked the operations carried out through more than 480 banking accounts (over 100,000 transactions), as well as operations conducted between individuals and more than 120 companies (over 10,000 transactions).

During this project, the tax inspectors made complex analyses on various investment activities, transactions with financial instruments on domestic and international markets, dissimulated or artificial operations, and on multiple operations with cash, including some with significant amounts for which unclear, incomplete or contradictory information has been provided.

The preliminary tax document checks under the program for ensuring the tax compliance of high net worth individuals (more than EUR 20 million per person) actually started in 2013. In 2014, the inspectors started checking the individuals for which they’ve found significant differences between the incomes estimated based on the personal financial situation and the statements filed with the tax authorities.

Romania’s tax authority starts offensive on tax dodgers, will check 5,400 high-risk individuals

More than 100 Romanians must answer to the tax authority for over EUR 1 mln undeclared revenues

Irina Popescu, irina.popescu@romania-insider.com