Fiscal authorities have their sights set on those whose fortune goes up by over 50m euros a year

The fiscal authorities are preparing new surprises, through legislative modifications for those whose fortune increases by at least 50 thousand euros in a year, forcing them to submit wealth statements.
If wealth statements do not match the records of the fiscal authorities – which mainly include dividends reported by the companies held by those targeted, then the undeclared wealth will be levied a 16% tax, writes Gandul daily, citing Marian Morcosa, director of the Control Department of ANAF (Romanian fiscal authorities).
“These legislative modifications also grant power to the fiscal authorities to conduct a fiscal inspection of the individuals whose wealth grew unjustifiably, as results from revenues reported to the specialised fiscal authorities,” Morcoasa told Gandul.

Emilian Duca, Tax Partner at BDO Conti Tax Advisors, believes the model that the fiscal authorities want to use is not an original, but an imported one, with several European countries having used this crosscheck method, which is currently used in Turkey.