The National Agency for Tax Administration ("ANAF") has issued a press release inviting individuals - real estate developers to declare their income from the sale of real estate assets from their business patrimony by 30 July 2017.
An ANAF risk analysis identified situations where individuals had declared income tax on real estate property sales, from their personal patrimony, even though they were supposed to pay income tax on real estate property sales, from their business patrimony, according to Fiscal Code provisions.
Thus, through a notice posted on its website, the tax authority invites individuals – real estate developers with income from the sale of real estate to clarify their tax status by 30 July 2017. Otherwise, after that date, taxpayers may be subject to tax inspection.
Real estate developers identified through the ANAF risk analysis will be subject to tax inspections after 30 July 2017.
For a more detailed discussion of the impact that these provisions can play in your specific case, you can contact the following persons: