The authors of the amendment to the Tax Code stated that the measure will be beneficial to the state, which will be able to assess the real scale of the digital assets market, and will also allow flooding the credit and financial market of Romania with funds received from the sale of crypto assets.
“There are between 500,000 and 600,000 crypto investors in Romania and they could bring money into the real economy during these difficult times for the country. Thanks to the temporary measure, owners of digital assets will have the opportunity to generate additional cash flow in the economy,” it says in the explanatory note to the bill.
Under the provisions of current Romanian legislation, private crypto investors are required to pay 10% income tax on any capital gains or any additional income from cryptocurrency investments if the total income for the financial year exceeds 600 lei ($128).
The National Agency for Tax Administration (ANAF) believes that the tax amnesty period could be a good time for Romanian investors with significant cryptocurrency holdings to sell assets and make large tax-free profits. With the entry into force of the rules of the European regulation of the crypto market MiCA, the corresponding legal obligations will become enforceable in the jurisdiction of Romania, officials explained.
A year earlier, Romanian law enforcement agencies conducted dozens of searches of crypto traders suspected of concealing income from cryptocurrency transactions and tax evasion.
Source: Bits
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