From the beginning of this year, capital legalization transactions amounted to 48 million lei, with 2.4 million lei being transferred in fees to the State Budget, Info-Prim Neo reports, citing Tax Inspectorate's information updated on Sept. 18. The legalization of capital is done under Law no.111, adopted on 27 April 2007 as part of a package of three presidential initiatives: fiscal amnesty, capital legalization, and reform of the corporate taxation system (application of the zero-tax rate on undistributed corporate income). Besides funds, the capital legalization law extends to real property, shareholdings in joint stock companies and memberships in limited liability companies, assets held by both natural and legal persons. Individuals accounted for 14.95 million of the total capital legalized this year. The fees paid by them constituted 747,900 lei, that is 5 percent of the legalized possessions. The value of the legalized capital other than money was 28.0 million lei. Fees constituted 1.43 million lei. During the mentioned period, entities legalized property, securities and other assets valued at 4.33 million lei. Fees constituted 216,570 lei. The value of the capital legalized since the adoption of the Law in April 2007 has amounted to 142 million lei, while fees for legalizing it 7.6 million lei. This figure is much lower than the government expected to collect; the 2008 State Budget Law provided for revenues of 295 million lei from legalization fees and it is unlikely that the target will be met by December 31 when the legalization campaign is due to end. The basic goals of the legalization reform was to curb the shadow economy, to allow the real owners of the capital to acquire rights of ownership, which would lead to improved business administration, and to optimize taxation matters for the businesses enjoying legalization of capital.