News » February, 2011 » 25 February 2011
Is requiring financial disclosure statement from every Romanian justified?
25.02.2011, 00:03 | Finance-Banks | 849 views
The introduction of a personal financial disclosure statement may be necessary in order to facilitate the application of the new regulations on levying tax on undeclared individual income, but if all Romanians were required to submit such a statement, this would create an "administrative nightmare", tax consultants say. On the other hand, were such a statement introduced only for certain people, it would be unconstitutional and discriminatory, say lawyers. Anyway, experts in the field say the tax authorities cannot check wealth accumulated prior to 2011, so this would lead to a sort of tax amnesty for owners of big fortunes built from undeclared income. Read more on ZF.ro
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