Tax Authorities Start Checking Crypto Traders in Romania – Bitcoin Taxes News

Romanian authorities are going after investors who have failed to declare crypto trading income and pay taxes. The offensive is part of efforts to respond to financial trends, the country’s tax authorities said in a statement, which showed it was able to identify nearly $50 million in undeclared crypto gains.

Romanian Tax Authorities Verify Cryptocurrency Trading Revenue

The Romanian National Agency for Taxation (ANAF) announced this week that officials of its department responsible for preventing tax evasion and tax evasion have launched inspections to determine revenues from digital coin trading on various platforms such as Binance. , Kucoin, Maiar, Bitmart and FTX.

The checks were presented as a step in the tax authorities’ new strategy to “adapt to changing technological and financial market trends”. They targeted 63 Romanian citizens who, as ANAF determined, earned €131 million in crypto revenue between 2016 and 2021.

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According to a report by the Romanian economic information portal Economica.net, tax inspectors found that digital assets worth a total of EUR 48.67 million were missing from their tax returns. The agency has so far ordered the recovery of approximately €2.10 million in unpaid tax liabilities.

At the same time, ANAF confirmed that cryptocurrency trading revenues of approximately $15 million had been correctly declared and the income tax and social security contributions owed had been paid in full.

The Romanian tax authorities are also planning to verify income from various other crypto-related operations, such as mining or trading non-fungible tokens (NFTs). He said the goal is to increase fiscal revenue and voluntary compliance by all categories of taxpayers.

ANAF’s Anti-Fraud Department has recommended that all Romanians engaged in or considering becoming involved in such activities ensure that they declare their income and cover their tax liabilities to the state.

Currently, the European crypto space is largely regulated by national laws and authorities, but the legal environment for investors and businesses will change significantly with the upcoming European industry regulations. will apply to various cryptocurrency transactions.

This week, representatives of the European Parliament, the Commission and the Council agreed to pass a series of anti-money laundering rules and a legislative package known as the Crypto Asset Markets Act (MiCA), which will be implemented in all 27 member states. States.

Keywords in this story

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Do you expect Romania to carry out regular checks on cryptocurrency investors in the future? Tell us in the comments below.

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Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who loves Hitchens’ quote: “Being a writer is who I am, not what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Adriana Iacob

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