Romania Carries Out Raids as Part of Crypto Tax Evasion Probe

Romania Carries Out Raids as Part of Crypto Tax Evasion Probe Romania Carries Out Raids as Part of Crypto Tax Evasion Probe  0

Authorities in Romania have conducted more than a dozen raids against people suspected of hiding income from cryptocurrency operations. The searches took place in late 2022 following an earlier investigation which established that crypto traders had failed to report digital assets exceeding $50 million in value.

Law Enforcement and Tax Authorities in Romania Go After Crypto Taxpayers

Police and tax officials in Romania have carried out 17 raids in the fall of last year as part of an investigation against persons accused of evading taxation by concealing profits from transactions with cryptocurrencies, local media revealed.

Addresses were searched in the capital Bucharest as well as the counties of Dâmbovița, Ilfov and Olt, according to Cristian Roman, partner at the Iordăchescu & Asociații law firm, who shared the information with Romania Journal.

The lawyer was referring to data provided by the Romanian police. Law enforcement authorities in the EU country allege that, between 2019 and 2022, 19 targeted individuals formed or joined an organized crime group for the purpose of tax evasion.

The taxable income, which they tried to hide, was obtained from transactions with digital currencies, investigators claim. According to preliminary estimates, their activities have resulted in losses for the state budget totalling 3 million Romanian lei (almost $650,000).

Tax Authority Moves to Increase Compliance Among Crypto Taxpayers

The operation was conducted after the tax fraud combatting unit of the National Agency for Fiscal Administration (ANAF) launched a probe last summer into proceeds from crypto trading received between 2016 and 2021 through various platforms such as Binance, Kucoin, Maiar, Bitmart, and the now-bankrupt FTX.

At the time, tax inspectors identified revenues of over €131 million obtained by 63 Romanian citizens. They were also able to establish that the persons had failed to report over €48 million worth of digital assets on their tax returns.

ANAF explained that its actions were part of a push to increase taxation and compliance among taxpayers. According to amendments to the Romanian Tax Code passed by the parliament in 2019, income resulting from the transfer of virtual currencies is taxable at a 10% rate on capital gains exceeding an annual threshold of 600 lei (approx. $130).

Tags in this story Crypto, crypto traders, crypto transactions, Cryptocurrencies, Cryptocurrency, Gains, income, operation, proceeds, profits, Raid, raids, Romania, Romanian, Tax, Tax agency, tax authority, tax evasion, Taxation, Taxes, Taxpayer, taxpayers, transactions

Do you think Romanian tax authorities will continue with more checks on crypto traders and taxpayers? Tell us in the comments section below.

Romania Carries Out Raids as Part of Crypto Tax Evasion Probe  1 Lubomir Tassev

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

Romania Carries Out Raids as Part of Crypto Tax Evasion Probe  2 Italian Parliament Approves 26% Tax for Cryptocurrency Gains in 2023 Budget Law TAXES | 6 days ago Romania Carries Out Raids as Part of Crypto Tax Evasion Probe  3 US Government Delays Tax Reporting Rules for Cryptocurrency Brokers TAXES | Dec 25, 2022

Image Credits: Shutterstock, Pixabay, Wiki Commons

Previous article

Bank of France Governor Calls for Mandatory Licensing for Crypto Companies

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimerShow comments

More Popular News

In Case You Missed It

Romania Carries Out Raids as Part of Crypto Tax Evasion Probe  4

Tony Hawk’s Latest NFTs to Come With Signed Physical Skateboards

Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs … read more.

Fidelity Investments Launches Crypto, Metaverse ETFs — Says ‘We Continue to See Demand’ Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Fed’s Bullard Wants to Raise Bank Rate to 3.5% by Year’s End, Hints at 75 Basis Point Rate Hike Ethereum Foundation’s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether

Source

Updated: 01/08/2023 — 05:00

Leave a Reply

Your email address will not be published. Required fields are marked *

Btc news © 2021 Frontier Theme