Individuals with large assets (PFAM) have received a new definition from a fiscal point of view thanks to a recent order published by the National Agency for Tax Administration (ANAF), which also contains a series of measures intended for this category of taxpayers. The legislative changes come after a technical assistance mission from the International Monetary Fund (IMF) made recommendations late last year to modernize the PFAM Tax Compliance Program to improve the data collection and analysis capabilities needed by ANAF to support risk assessments for PFAMs and their affiliated groups.
According to the new provision of Order 920/2023, the group of high net worth individuals consists of natural persons, tax residents of Romania, who own assets, both in Romania and abroad, worth more than 25 million euros, as well as natural persons of spouses and relatives up to the second degree. The assessment of wealth is based on data and information held by ANAF regarding real estate, movable property and financial assets owned by individuals.
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The article was signed by Bohdan Karpa-Veke, senior manager of PwC Romania
Article supported by PwC Romania
Source: Hot News
Lori Barajas is an accomplished journalist, known for her insightful and thought-provoking writing on economy. She currently works as a writer at 247 news reel. With a passion for understanding the economy, Lori’s writing delves deep into the financial issues that matter most, providing readers with a unique perspective on current events.