The value of real estate transactions could amount to around 23 billion euros this year, according to estimates made based on data from the National Union of Notaries Public in Romania (UNNPR). The value of the revenue taxes levied on real estate transactions, collected by notaries, amounted to 1.2 billion RON (almost 360 million euros) last year, over four times as much as in 2006, according to UNNPR data. "In the January-November period, the tax collected and transferred by the notaries public for real estate transactions amounted to 1.065 billion RON, and for the whole of 2007, we predict a 1.2 billion-RON revenue tax. For 2008, we estimated an around 30% increase, triggered mainly by the upward trend of real estate prices," Viorel Manescu, chairman of UNNPR, told ZF. The taxation of real estate transactions changed in 2007. The stamp duty and the 16% taxation of transactions closed with individuals who derive a profit from the sale of the building were replaced by a taxation which applies to all transactions where the sellers are individuals, whether they make a profit or not.
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