Romania Carries Out Raids as Part of Crypto Tax Evasion Probe – Local media reported that police and tax officials in Romania conducted 17 raids in the fall of last year as part of an investigation against individuals accused of tax evasion by concealing income from cryptocurrency transactions. 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. Investigators assert that the taxable revenue they attempted to conceal was derived from transactions with digital currencies.
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According to preliminary estimates, their activities have resulted in losses for the public budget totaling 3 million Romanian lei (approximately $650,000). The operation was conducted after the tax fraud combating unit of the National Agency for Fiscal Administration (ANAF) launched an investigation last summer into proceeds from cryptocurrency trading received between 2016 and 2021 through platforms including Binance, Kucoin, Maiar, Bitmart, and the now-bankrupt FTX.
At the time, tax inspectors found income of more than €131 million acquired by 63 Romanians. They were also able to establish that the persons had failed to report over €48 million worth of digital assets on their tax returns. The ANAF claimed that its measures were part of an initiative to boost taxation and taxpayer compliance.
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).
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