Tax authority sets eyes on money held in banks

One of the ten largest retail banks on the market alone has received requests from the tax authorities to freeze 23,000 accounts in the first three months, after last year the National Fiscal Administration Agency (ANAF) had placed the accounts of over 100,000 clients of the bank under distraint. Tax authorities have stepped up compulsory execution of taxpayers with overdue tax payments amid the falling state budget revenues and froze tens of thousand banking accounts in the first three months of 2010, according to ZF’s estimates on the basis of data received from banks. However, most banks choose not to disclose the number of account distraint requests received from ANAF, quoting banking secrecy. Tax authorities’ representatives confirm taxpayer compulsory execution moves have intensified lately. “The number of cases of compulsory execution has increased also because there’s a rising number of taxpayers resorting to tax credits in the context where they find it harder to get loans from banks. Under the circumstances, we are taking all the necessary steps to recoup arrears,” stated Ion Busuioc, general manager of the General Legislation Department with ANAF.