Notaries have the obligation, according to a provision recently introduced in the Fiscal Code, to declare every semester to the territorial fiscal authority all real estate transactions, even those below the taxable threshold of 450,000 lei, carried out by individuals from personal patrimony. In this way, the tax authorities will have the necessary tools to verify the transactions and to requalify them in independent activities, where the situation requires it.
For more information, please see the Romanian version of the article, here.
