On 9 January 2020, Ministry of Finance of Romania published a draft bill for the implementation of EU Directive on reportable cross-border tax planning arrangements. This includes measures to require the reporting of cross-border tax planning arrangements and the automatic and mandatory exchange of information reported with other EU Member States.
Failing to comply with the reporting requirements will result in penalties of RON 20,000 to RON 100,000 for non-reporting and late reporting and penalties of RON 10,000 to RON 50,000 for reporting incorrect or incomplete information.