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Romanian authorities have conducted more than a dozen raids on people suspected of hiding income from cryptocurrency businesses. The inquiry comes in late 2022, following an earlier investigation that established that a cryptocurrency trader failed to report his digital assets in excess of $50 million.
Romanian Law Enforcement and Tax Authorities Track Crypto Taxpayers
Romanian police and tax authorities carried out 17 raids last fall as part of an investigation into a man accused of tax evasion by concealing profits from trading cryptocurrencies, according to local media reports. .
According to Cristian Roman, a partner at Iordăchescu & Asociaşii law firm who shared the information with Romania Journal, addresses were searched in the capital city of Bucharest as well as in the counties of Dâmbovizza, Ilfov and Olt.
The lawyer was referring to data provided by the Romanian police. Law enforcement officials in EU member states allege that between 2019 and 2022, 19 of her targeted individuals formed or joined an organized crime group with the aim of evading taxes.
Investigators claim the taxable income they tried to hide was derived from trading with digital currencies. A total of 3 million Romanian lei (approximately $650,000) was lost to the state budget due to their activities, according to preliminary estimates.
Tax Authorities Move To Tighten Compliance For Crypto Taxpayers
Last summer, the National Finance Agency’s (ANAF) anti-tax evasion unit received revenue from cryptocurrency transactions between 2016 and 2021 through various platforms such as Binance, Kucoin, Myer, and Bitmart. It was done after launching an investigation into FTX went bankrupt.
At that time, tax inspectors identified income of over €131 million earned by 63 Romanian citizens. They were also able to establish that they failed to report €48 million worth of digital assets on their tax returns.
ANAF explained that its action is part of a drive to increase taxation and compliance among taxpayers. According to an amendment to the Romanian tax law passed by parliament in 2019, income from the transfer of cryptocurrencies will be taxed at a rate of 10% on capital gains above the threshold of 600 lei (approximately $130) annually. .
Do you think the Romanian tax authorities will continue to put more checks on cryptocurrency traders and taxpayers? Let us know in the comments section below.
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