Romanians Earning RON50,000 More Than Declared Income To Pay 16% Of Difference As Tax

Individuals whose real income exceeds their declared income by at least 50,000 lei (EUR1=RON4.2855) will pay 16% of the difference as tax, said Romanian Finance Minister Gheorghe Ialomitianu.

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This provision was added to the Fiscal Code through a Government Decision on Thursday.

The minister said undeclared income will be revealed by looking at actual expenses, cash flow and changes in wealth. The tax will be applied to "people with very high income," he said.

"We will run checks on people with very high income. It is exactly like in the United States: 1% of the population accounts for 40% of budget expenses. We have to use these methods if we are to be successful in preventing tax evasion," said the minister.

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