Tax Agency Begins Auditing Crypto Traders in Romania – Taxes Bitcoin News

Romanian authorities are going after investors who failed to declare income from crypto trading and pay tax. The offensive is part of efforts to respond to financial trends, the country’s tax authority said in a statement, revealing that it was able to identify nearly €50 million in unreported crypto gains.

Romanian Tax Authority Verifies Earnings from Cryptocurrency Trading

Romanian National Agency for Tax Administration (ANAF) announced this week that officials from its Tax Evasion and Fraud Prevention Department have launched inspections to establish revenue from digital coin trading on various platforms like Binance, Kucoin, Maiar, Bitmart and FTX.

The checks were presented as a step in the tax administration’s new strategy to “adapt to changing technology and financial market trends”. They targeted 63 Romanian citizens who, as ANAF established, made €131 million in crypto revenue between 2016 and 2021.

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

At the same time, ANAF confirmed that earnings from cryptocurrency trading amounting to approximately 15 million euros had been correctly declared and that income tax and social security contributions due had been fully paid.

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

ANAF’s anti-fraud department has recommended that all Romanians who engage in such activities or are considering getting involved ensure that they declare 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 European industry rules. will apply to various cryptocurrency transactions.

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

Keywords in this story

Crypto, Cryptocurrencies, Cryptocurrency, declarations, EU, Europe, European Union, evasion, Fraud, inspectors, obligations, declaration, Romania, Romanian, Tax, Tax agency, tax authority, tax declarations, Taxation, Taxes

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 loves Hitchens’ quote: “Being a writer is who I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image credits: Shutterstock, Pixabay, Wiki Commons, Adriana Iacob

Esther L. Steinbach