The Tax Agency Begins Checking Cryptocurrency Traders in Romania – Taxes – Bitcoin News

Romanian authorities are going after investors who failed to report cryptocurrency trading income and pay taxes. The crackdown is part of efforts to respond to financial trends, the country’s tax body said in a statement, revealing that it was able to identify almost €50 million of unreported crypto profits.

The tax authority in Romania verifies the gains from cryptocurrency trading

National Agency for Tax Administration of Romania (ANAF) announced this week that officials from its department responsible for the prevention of tax evasion and fraud have launched inspections to establish the income received from trading digital currencies on various platforms such as 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, earned €131 million in crypto income between 2016 and 2021.

According to a report by the Romanian business news portal, tax inspectors discovered that digital assets worth a total of €48.67 million were missing from their tax returns. The agency has so far ordered the recovery of some 2.10 million euros in unfulfilled tax obligations.

At the same time, ANAF has confirmed that the gains from cryptocurrency trading in the amount of approximately €15 million had been correctly declared and that the income tax and social contributions due had been paid in full.

The Romanian tax authority intends to also verify income from various other crypto-related operations, such as mining or trading of non-fungible tokens (NFT). He said the goal is to increase budget revenue and voluntary compliance among all categories of taxpayers.

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The ANAF anti-fraud department has recommended all Romanians carrying out such activities or planning to get involved to ensure that they report their income and cover their tax obligations 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 upcoming EU-wide industry rules that will apply to various cryptocurrency transactions. cryptocurrencies.

This week, representatives of the European Parliament, the Commission and the Council reached an agreement to adopt a set of anti-money laundering rules and a legislative package known as Markets in Cryptoassets (Mica), which will be implemented in the 27 member states.

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

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who likes Hitchens’s quote: “Being a writer is who I am, rather than what I do.” In addition to crypto, blockchain, and fintech, international politics and economics are two other sources of inspiration.

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