Fisc will require foreigners with properties to provide more information

Foreigners with properties in Romania will be forced to supply new more detailed information about their assets which Fisc, the Romanian fiscal authority, will then relay to their countries, according to capital.ro.

The new forms, published yesterday by the Official Monitor, will be used by Fisc for information exchanges with other EU states. The forms, approved by order of minister, include new information queries such as:

– the nature of properties: residential, commercial, industrial, agrarian;

– the value of proprieties: insurance, expropriation, merger.

The order was issued to help achieve standards for automated information exchanges with fiscal authorities in the EU’s member states.

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Based on bilateral agreements with the EU, local authorities need to collect information on non-residents’ properties in Romania, insights which follow European Commision standards.