Romanian Tax Authority To Start Checking High Wealth Individuals In 2012

Sorin Blejnar, head of Romanian tax authority ANAF, said there will be a major investigation into high wealth in the second half of next year, although some controls may be carried out in 2011.

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Finance Ministry official Dan Lazar said earlier that the authorities will start checking high wealth individuals next year, because they will go by this year's income statements.

Lazar also said the norms concerning the application of act on the investigation of high wealth individuals will be completed by the end of February. According to the letter of intent agreed upon by the Government and the International Monetary Fund, the relevant state office will be staffed by end-March and operational by August 2011.

The Government decided last year that individuals whose real income exceeds their declared income by at least 50,000 lei (EUR1=RON4.2350) will pay 16% of the difference as tax.

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