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Romania Conducts Raids As Part of Crypto Tax Evasion Investigation – Taxes
Authorities in Romania have carried out more than a dozen raids against people suspected of hiding proceeds from cryptocurrency operations. The searches took place in late 2022 following an earlier investigation that found crypto traders had failed to report digital assets worth over $50 million. Law enforcement and tax authorities in Romania go after crypto taxpayers Police and tax officials in Romania conducted 17 raids last fall as part of an investigation against people accused of evading taxes by concealing profits from cryptocurrency transactions, local media revealed. Addresses…
Romania Conducts Raids As Part of Crypto Tax Evasion Investigation – Taxes
Authorities in Romania have carried out more than a dozen raids against people suspected of hiding proceeds from cryptocurrency operations. The searches took place in late 2022 following an earlier investigation that found crypto traders had failed to report digital assets worth over $50 million.
Law enforcement and tax authorities in Romania are going after crypto taxpayers
Police and tax officials in Romania carried out 17 raids last fall as part of an investigation into people accused of evading taxes by concealing profits from cryptocurrency transactions, local media revealed.
Addresses were searched in the capital, Bucharest, as well as in Dâmbovița, Ilfov and Olt counties, according to Cristian Roman, partner at the law firm Iordăchescu & Asociații, who shared the information with Romania Journal.
The lawyer referred to data from the Romanian police. The EU country's law enforcement authorities claim that between 2019 and 2022, 19 targets joined or joined an organized criminal group for the purpose of tax evasion.
Investigators claim that the taxable income they tried to conceal was derived from digital currency transactions. According to preliminary estimates, their activities have resulted in losses to the state budget totaling 3 million Romanian lei (almost $650,000).
The tax authority is making efforts to improve crypto taxpayer compliance
The operation was carried out after the Anti-Tax Fraud Unit of the National Agency for Tax Administration (ANAF). probe last summer converted into crypto trading proceeds received between 2016 and 2021 through various platforms such as Binance, Kucoin, Maiar, Bitmart and the now bankrupt FTX.
At that time, tax inspectors identified income of over 131 million euros generated by 63 Romanian citizens. They were also able to determine that the individuals had failed to declare over €48 million worth of digital assets on their tax returns.
ANAF said its measures were part of a push to increase taxation and taxpayer compliance. According to amendments to the Romanian Tax Code approved by Parliament in 2019, income from the transfer of virtual currencies is taxable at a rate of 10% on capital gains exceeding an annual threshold of 600 lei (approximately $130).
Do you think Romanian tax authorities will continue to control crypto traders and taxpayers? Tell us in the comments section below.
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