Top three Romanian lenders in conflict with tax agency

Banca Comerciala Romana, Banca Transilvania and BRD Societe Generale, the three largest local lenders, have challenged the Tax Agency’s decision that obliges them to pay higher taxes, according to the banks’ reports cited by local Profit.ro. The conflict started after the Government accused banks of not paying taxes on profit. BCR has challenged the results of a tax control carried out between May 2016 and June 2017. In the first six months of this year, its effective tax rate increased to 40.1%, from 18.3% in 2016. Banca Transilvania entered into a conflict with the Tax Agency, after the tax authorities said that the profit made from acquiring Volksbank, namely RON 1.65 billion (EUR 359 million), represented taxable income. The bank should thus pay RON 264 million (EUR 57.4 million) worth of additional taxes, according to ANAF. BRD Societe Generale paid the tax authorities RON 43.1 million (EUR 9.3 million) in 2016, following a tax audit. The bank has challenged the Tax Agency’s decision. editor@romania-insider.com