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Taxation of Undeclared Assets

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  • Trandafirescu Bogdan Cristian

    (“Ovidius†University of Constanţa)

Abstract

For the present paper we can use as motto the famous quotation of Henry Ford: “I am ready to account for any day in my life, but don’t ask me how I made my first million†. After at least two decades of fiscal chaos, a period which allowed the accumulation of “grey fortunes†whose origins and extent are uncertain, the rule of law must enter an age of normality and thus the question of the complete taxation of assets arises in the area of fiscal law. The problem of the taxation of undeclared assets finds its remedy in the present Fiscal Procedural Code in the institution of the checking of personal financial status. The checking of personal financial status allows fiscal inspectors to compare the expenditures of a tax payer (displayed assets) to the declared income and to issue a decision of fiscal taxation for the difference in case of discrepancies. De lege ferenda, we suggest to amend the present regulation with an initial statement of patrimony.

Suggested Citation

  • Trandafirescu Bogdan Cristian, 2017. "Taxation of Undeclared Assets," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 683-686, December.
    • Handle: RePEc:ovi:oviste:v:xvii:y:2017:i:2:p:683-686
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    Keywords

    taxation; fiscal control; checking of personal financial status;
    All these keywords.

    JEL classification:

    • K34 - Law and Economics - - Other Substantive Areas of Law - - - Tax Law

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