More than half of the private individuals who possess housing property whose total value is 1.5 million lei and over and whose total area is 120 square meters and over paid 34.8 million in wealth tax to the state. The sum that is to be collected into the state budget as wealth tax totals 50 million lei, IPN reports.

2016 was the first year when the wealth tax was levied. According to the State Tax Service, 1,797 persons of the 2,893 concerned paid wealth tax until December 25, 2016, meeting the legal deadline. On December 27-29, another 141 persons paid this tax.

For each day of delay, the taxpayers pay a penalty. In 2016, the penalty was 0.0687%, while in 2017 it is 0.0384%.

The wealth tax is paid once a year for all the housing property whose cadaster value exceeds 1.5 million lei, while their area is larger than 120 square meters. The wealth tax should not be mixed up with the property tax. These are two distinct taxes (a state and a local one), which refer to different subjects and have different rates, concessions and payment periods. The property tax is paid by August 15 and October 15, while the wealth tax is paid by December 25.

The wealth tax represents 0.8% of the taxable value. The average wealth tax calculated in 2016 was 17,869 lei.