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The Romanian Agency for Foreign Investment aims at attracting a volume of foreign direct investments of EUR 3.2 bln - EUR 3.8 bln. August 9th, 2005 CEC expects letters of intent for its privatization by August 31st
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Fiscal evasion will be punished by jail July 26th, 2005 Romania's GDP estimated to advance 8.3% in 2005
Romania's industrial output is expected to advance 5.7% in 2005, while agriculture output is projected to grow by 2.8%. July 6th, 2005 Conditions for foreign direct investment in Romania to be improved
Romanian Agency for Foreign Investments and Foreign Investors Council work together to identify the investment priorities for each area and grant more facilities to investors |
News - full article
July 28th, 2005
New harsher law to fight tax fraud
Fiscal evasion will be punished by jail from six to 15 months depending on the gravity of the crime and the value of the prejudice to the state budget.
The new law on fiscal evasion will come into effect in August, after having been published on July 27 in the Romanian Official Gazette. Under this law, contributors who illegally obtain funds from reimbursements, restitutions or compensations could serve a three to ten year jail term, as well as suffering revocation of some civil rights. Association to commit such crimes is punishable by five to fifteen years jail.
Printing or distributing special regime standardized forms is also considered a crime, which can be sanctioned by 3 to 12 years in jail. These are the harshest punishments stipulated by the new law. The sanctions also refer to seven other acts of fiscal evasion, including failure to declare sources of taxable income or misrepresentation of such sources, failure to note trade operations or revenues in accounting documents or other legal forms, recording false operations, as well as the modification or destruction of accounting books or other means of data keeping and double accounting.
The minimum and maximum limit of the penalty can increase by two years if the prejudice to the state exceeds €100,000 and by three years if it is more than €500,000. Contributors have now lost the right to be notified about fiscal inspections and the right to be the first source for information on the accounting of the company. Other rights lost by contributors include protection of fiscal secrecy and the right to specialized assistance.
The law states the penalties can be halved if during the investigation or trial the defendant settles the entire amount owed. For damages of up to €50,000 completely recovered in these terms, the authorities will apply an administrative penalty, which will be recorded in judicial records. However, authorities are not allowed to reduce the sentence if the defendant has committed economic crimes during the previous five years before the start of the investigation.
Those convicted for any of these crimes are forbidden from founding or managing a company or representing one as director or official.
(Source: Bucharest Daily News)
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