The National Fiscal Administration Agency (ANAF) has proposed a change in the Commercial Code so as to assimilate repeated purchases and sales of buildings by individuals to acts of commerce, the institution's chairman Sebastian Bodu stated. He explained that there was an extensive tax evasion phenomenon in the field of constructions, especially through the use of individuals as intermediaries. "A contract for the construction of a building is closed with an individual, to avoid paying taxes. Individuals buy and sell land," Bodu explained. The ANAF chairman added not all transactions would be considered acts of commerce. "It's not about grandma if she sells her house," Bodu said. The normative act will be drafted together with the Ministry of Justice. Treating repeated purchases and sales of buildings by individuals as acts of commerce will lead to an increase in budgetary revenues, but will also generate a rise in the prices of homes and land by several percentage points and give red tape a boost, real estate experts say. "By enforcing such a decision, the individual speculators will pay a 16% tax on the profit derived from purchasing land and later resell it at higher prices," Ion Radu Zilisteanu, general manager of real estate agency Intermedias told Mediafax.
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