Romanians who will be taxed at 70% from July 1, 2024. “These are the situations!”

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Although the politicians have promised, countless times, that the fees, taxes or excises will not increase, the life of Romanians is increasingly difficult.

Romanians have a hard time coping with their daily expenses. There are few who manage to put something aside from month to month. Quite the contrary. For most, the money runs out before the next paycheck comes.

What is far too little known is a phenomenon that affects the income of the population much more than these fees or taxes. It’s about inflation.

What is inflation

Inflation is that form of taxation that can be imposed without legislation.

And if it is not very clear to you what inflation is, we will tell you. It is currency devaluation. That is, 100 lei from 2020 is no longer equal to 100 lei from 2024.

What this means? It is very simple. We can no longer buy with them what we could buy four years ago.

For example, inflation in 2020 was 2.6%. In 2021 by 5.1%. In 2022 by 13.8%. And in 2023 10.4%. And now, think about it, if your income has stayed the same all these years, how much money have you lost through inflation all this time?

Romanians who will be taxed at 70% from July 1, 2024

And if the part that the state demands is added to inflation, Romanians are left with… nothing. Especially those whom the state wants to tax with 70% from July 1, 2024.

Invited to the iThink show with Iusti Fudulu from Antena 3 CNN, Cosmin Dumitrașcu, accounting expert, explained who these Romanians are and under what conditions they will have to pay this huge tax.

“It is a fiscal change that takes effect starting July 1, 2024. What happens in the situation where, for example, we have unjustified income per natural person? It is those revenues, for example, online platforms or that we have intermediated over time through the bank. Situation in which justifications are requested by those from the National Tax Administration Agency.

Taxation is currently 16%

Until July 1, if we do not have justification on those incomes, taxation is at a percentage of 16% on any income found unjustified in personal accounts. But if that control is not finalized by July 1, 70% is taxation.

The ugly part is as follows. It is those people who trade, who do tax evasion, that in the end that is what is being watched. And with the money they collect illegally, they come and credit commercial companies. It is not about PFA credits, because we are not dealing with such a thing. On the other hand, in commercial companies, when you come and credit with sums of money, the sums of money appear in the balance sheet. And at the end of the year, as much as the amount of lending is reflected in the accounting balance sheet with certain increasingly higher amounts, it appears as an alarm signal for those from ANAF. And this is why we end up overtaxing incomes that cannot be justified. Basically, they are undeclared income which, at the moment, we tax at 16%. But from July 1, their taxation will be 70%”, explained Cosmin Dumitrașcu.

“As long as you cannot justify the money you have or that enters your accounts with certain statements from cryptocurrency platforms, for example, salaries, if you have justification, there is no problem. With the dividends withdrawn from the company, if you have justification, likewise, there is no problem. With the interest you collect from certain banking institutions, the same situation. With those state titles, there is no problem. But in the situation where you are verified, that you can be verified and justify, but if you are verified and you do not have any supporting document to prove that you have collected certain sources of money in the accounts, then you have to pay this 70% From July 1, obviously”, the accounting expert also said exclusively in the iThink show with Iusti Fudulu from Antena 3 CNN.