Romania needs a clear and robust tax legislation that will encourage voluntary tax compliance of high net worth individuals. This was the conclusion of the PwC conference – Is it time for voluntary tax compliance? – that took place today in Bucharest.
The event enjoyed the presence of Eugen Şerban, Director of the Tax Inspections division, an ANAF structure in charge with tax inspections for high net worth individuals. The conference sought to illustrate the global trends in terms of tax and financial information sharing among states and encouraging voluntary tax compliance, while underlining the problems faced by Romania’s tax inspectors in charge with controlling high net worth individuals. Among the other topics discussed were the practical issues related to voluntary tax compliance as well as the rights of the tax-payers.
„In recent years, several international organizations such as the OECD have been highlighting the importance of voluntary tax compliance as a sustainable solution for increasing public revenues, while voluntary tax compliance programs have been successfully implemented in many other countries around the world”, stated Mihaela Mitroi, Tax and Legal Services Leader, PwC Romania.
“In order to have a successful voluntary tax compliance program in Romania, it is important to have some legislative clarifications, so high net worth individuals with foreign based financial assets will feel encouraged to declare these assets to the Romanian tax authorities without the risk of being prosecuted”, said Mihaela Mitroi.
“We are positive that after implementing such legislative clarifications there will be more high net worth individuals willing to comply with the tax legislation, which will lead to higher tax revenues, for the benefit of society overall”, concluded Mihaela Mitroi.
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