Romanian tax authorities have begun to pursue investors who did not report crypto trading revenues and fail to pay taxes. The offensive is part of efforts to respond to financial trends, the country’s tax body said in a statement, unveiling it was able to identify almost €50 million of undeclared crypto gains.
Tax Authority of Romania Verifies Cryptocurrency Trading Gains
Romania’s National Agency for Fiscal Administration (ANAF) announced this week that officials from its department responsible for prevention of tax evasion and fraud have initiated inspections to establish the revenues received from digital coin trading on various platforms like Binance, Kucoin, Maiar, Bitmart, and FTX.
The checks have been presented as a move within the tax authority’s new strategy to “adapt to the evolution of technology and financial market trends.” They targeted 63 Romanian citizens who, as ANAF established, made €131 million euros in crypto revenues between 2016 and 2021.
According to a report by the Romanian business news portal Economica.net, the tax inspectors have found that digital assets worth a total of €48.67 million were missing from their tax returns. Тhe agency has so far ordered the recovery of some €2.10 million in unfulfilled tax obligations.
At the same time, the ANAF has confirmed that gains from cryptocurrency trading in the amount of approximately €15 million had been properly declared and the due income tax and social contributions paid in full.
Romania’s tax authorities intend to check the revenues generated by various crypto-related activities, including trading or mining of non-fungible tokens. According to the tax authority, its goal was to improve budget receipts as well as voluntary compliance by all types of taxpayers.
The ANAF’s anti-fraud department has recommended all Romanians who carry out such activities or plan to get involved to make sure they report their revenues and cover their fiscal obligations to the state.
The European cryptocurrency space is currently largely regulated through national laws. However, investors and companies will see a significant shift in the legal climate with new EU-wide regulations for the sector that will be applicable to different crypto transactions.
Representatives of the European Parliament and Commission reached an agreement this week to approve a set anti-money laundering regulations and a legislative package called the Markets in Crypto Assets law (MiCA). These laws will be applied across all 27 EU member-states.
Are you expecting Romania to regularly check cryptocurrency investors? Let us know your thoughts in the comment section.
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