The Romanian state should grant immunity to those who hide their money outside the country, if it wants to determine them to bring the amounts back in the country and pay taxes for them, according to consultancy group PwC Romania.

International organizations such as the Organisation for Economic Co-operation and Development (OECD) have pointed out in the last years that the voluntary compliance is a viable and lasting solution to increase the budget revenues, said Mihaela Mitroi, head of the Fiscal and Legal Consultancy Department within PwC Romania.

However, Romania needs to clarify its legislation on this matter, so high net worth individuals with foreign-based financial assets will feel encouraged to declare these assets to the Romanian tax authorities without the risk of being prosecuted, she added.

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