One in five companies in Romania doesn’t have a bank account-chief tax official

Some 300,000 Romanian companies do not have an actual bank account, Romania’s chief tax official says.

Lucian Heiuş said that officials were working to amend tax rules to change this, but the companies_ the equivalent of about  one in five of all firms registered in Romania_ currently can’t be forced to open bank accounts.

In an interview with Digi 24, Heiuş, who is in charge of Romania’s ANAF tax agency, ed that the degree of compliance has increased.

Today we can talk about 95 percent compliance at the level of declaration and 86 percent compliance with payment,” he said.

“There are 300,000 economic agents who do not have a bank account… they only use cash to make payments and receive income. I was surprised as some of them are registered for VAT. There are 1.6 million companies in Romania, and one in  four companies doesn’t  have a bank account,” Heiuş said.

Tax officials are working to amend the Fiscal Procedure Code through to regulate the  issue, he said.

“I find it abnormal to set up a company, you receive all the registrations, but you do not open a current account at the bank as would be expected. This means the companies have to pay taxes every month in cash which is a risk,” he added.

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