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EXCLUSIVE: Romanian Office Checking High Wealth Individuals Operational By August

The Romanian state office tasked with checking high net wealth individuals will be staffed by end-March and operational by August 2011, according to the letter of intent agreed upon by the Government and the International Monetary Fund.
EXCLUSIVE: Romanian Office Checking High Wealth Individuals Operational By August
Oana Gavrila
11 feb. 2011, 10:14, English

„We will continue our efforts to improve tax administration and fight tax evasion. The ordinance relating to high net wealth individuals was approved by end-December 2010, meeting the structural benchmark. (…) We will staff the newly created Individual Analysis Office by end-March and develop and implement a compliance risk strategy in accordance with best practices by August 2011,” says the document, obtained by MEDIAFAX.

The Government decision on indirect audit methods, a key point in the agreement, will be passed by the Parliament.

Finance Ministry official Dan Lazar said last week that the norms regarding the application of the ordinance on undeclared income would be completed by the end of February.

Finance Minister Gheorghe Ialomitianu said in January that the Government will establish a workgroup on the taxation of undeclared income taxation and will ask the World Bank to help it draw up the measure’s application norms.

The Government decided last year that individuals whose real income exceeds their declared income by at least 50,000 lei (EUR1=RON4.2600) will pay 16% of the difference as tax.