property

Romania's Government has decided to keep charging higher taxes from owners of multiple houses and cars with engines larger than 2000 cc, after the Parliament decided that the higher taxes would only be applied this year.

Romania's Government has postponed hiking the taxes on industrial property, charged to natural and legal persons, until 2012, considering that such an increase could reduce the number of requests for protection and affect innovation.

Romania will introduce an additional tax for real estate property owners who own more than one property, and taxation quotas will increase for each additional piece of property, Prime Minister Emil Boc said during the Cabinet meeting Wednesday.

Taxing property at its real value, as Romania’s Finance Ministry is planning, is imminent because the country needs to bring in money to the budget and necessary to avoid raising other taxes, Adrian Crivii, general manager of evaluation and advisory company Darian, said Tuesday.

Romanian companies can pay a lower tax on buildings this year, if they reevaluate their properties, since the market value of said properties decreased, reaching the lowest level in the past two years, according to representatives of real estate company MediaCity.

Valentin Ceausescu, son of the late Romanian communist dictator Nicolae Ceausescu, filed a complaint in court regarding the non-observance of a court ruling last year which set the return of his family’s possessions, confiscated during the December 1989 revolution.