Romanian Agency for Fiscal Administration to Check Crypto Traders

The authorities pursue crypto investors in Romania who failed to declare cryptocurrency trading profits and pay taxes. The country’s tax office revealed it was able to discover almost €50 million in undeclared cryptocurrency gains in a statement, saying the offensive is part of the attempt to respond to financial trends.

The National Agency for Fiscal Administration (ANAF) of Romania reported this week that inspectors from the division in charge of stopping tax evasion and fraud had started investigations to determine the profits made from trading digital coins on platforms like Binance, Kucoin, Maiar, Bitmart, and FTX.
The inspections are a step in the tax authority’s new plan to “respond to the growth of technology and financial industry trends,” according to the presentation. They targeted 63 Romanian nationals who, according to the ANAF, generated €131 million in cryptocurrency profits between 2016 and 2021.

Economica.net reports that the tax examiners discovered that the taxpayers’ tax forms lacked digital assets totalling €48.67 million. Up to this point, the agency has mandated the recovery of unpaid tax liabilities totalling €2.10 million.

The Romanian tax office plans to examine revenue from various additional cryptocurrency-related activities, such as token mining or trading (NFTs). The objective is to boost budget receipts and voluntary compliance among all taxpayer categories.

The anti-fraud division of the ANAF has advised all Romanians who engage in such activities or want to do so to make sure they disclose their earnings and pay their tax responsibilities to the government.

Currently, national laws and authorities govern most cryptocurrency transactions in Europe, but the planned EU-wide regulations for the sector will substantially alter the legal landscape for investors and enterprises.