Romanian Govt Considers Taxing Large Fortunes

„We are analyzing a bill based on UNPR’s proposal, to tax large fortunes, as many are not taxed at their actual worth. UNPR’s proposal is a starting point, there are other working versions as well,” Boc said on public radio.

The prime minister said the new taxes are expected to bring ample revenue to the state budget.

Gabriel Oprea, leader of the National Union for the Progress of Romania (UNPR), said in late June his party will propose levying taxes on declared wealth, which could bring as much as EUR3 billion per year to the state budget.

Last week, UNPR announced it had completed a bill on the solidarity tax. This tax would be paid by individuals owning homes, property, aircraft and boats with a combined worth exceeding EUR450,000, in the amount of 1% of the total value. In case the combined worth is lower than EUR450,000, the bill says the solidarity tax should be levied on property worth more than EUR300,000 and mobile assets worth EUR50,000, in the amount of 0.5% of the total value.