tax authority

Romanian fiscal authority ANAF will write off individuals’ and companies’ debt penalties if they pay off debts and interest on overdue taxes by the end of the year, according to a Finance Ministry order.

A team of International Monetary Fund experts will conduct a technical mission at the headquarters of Romania’s tax authority ANAF between April 7 and 20, to help with indirect control methods and the check-up of individuals with high incomes, the tax authority said.

Romania’s National Customs Authority (ANV), a division of the country’s tax authority ANAF, has found cigarette maker Galaxy Tobbacco illegally produced and sold 100 million cigarettes, with a total market value of EUR100 million.

Romania’s tax authority ANAF has started checking individuals who gained income between 2006 and 2010 from independent activities, copyright and collaboration contracts above the cap allowing VAT exemptions.

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.

Romanian tax authorities will verify whether the financial reports of local oil companies include unjustified expenses aiming to reduce their real profit and if their declared fiscal losses are grounded.