Romanian banks have submitted, according to the National Bank of Romania (BNR) Order 4/2023, the first reporting of the income of individuals working in the financial sector whose total annual remuneration is at least 1 million euros, according to EY Romania representatives.According to the same source, the reporting is a transposition of the European Union Directive for individuals in the management of banks who have achieved in 2022 income above this threshold.Data from the European Banking Authority (EBA) shows that Romania, Portugal, Hungary and Slovenia had, at the end of last year, only three bankers with annual incomes of over 1 million euros."By BNR Order No 4/2023 (published in the Official Journal 391 of May 18, 2023) the provisions of the European Banking Authority (EBA) Guideline 06/2022 are incorporated into national legislation, whereby Romanian banks will also report to the BNR the salaries of their employees. The condition is that the banking institutions selected by the National Bank for reporting must cover at least 60% of the volume of assets of the Romanian banking system," is mentioned in a material signed by Corina Mindoiu, Partner, Income Tax and Social Contributions, EY Romania, and Alexandra Patrascioiu, Lawyer, Bancila, Diaconu si Asociatii.According to EY Romania's consultants, if this is not possible, the BNR will collect information from at most 20 Romanian legal entity banks, excluding those for which reporting is done at group level."This includes banks with Romanian capital and EU banks or banking groups present in Romania, which will also report remuneration information for all branches under prudential consolidation, including branches in other member states and third countries. The information will be reported on the basis of year-end figures and the first reporting will relate to 2022," the consultants stressed.On the one hand, we are talking about aligning with European financial-banking legislation, with the transposition of regulations into Romanian law. On the other hand, we are talking about increasing transparency in income declarations, for taxation, in order to ensure the accuracy of revenue collection to the state budget from taxes applied to individuals.Since 2012, the Romania National Agency for Fiscal Administration (ANAF) has been implementing a tax compliance strategy for individuals with high income based on risk management. Through this strategy, a Directorate has been created within the central structure of ANAF, in charge with the implementation of the programme dedicated to this segment of taxpayers. The Agency has already regulated important aspects concerning this category of taxpayers.Given the continuous transformation of the economy and the new elements in the field of financial services (fintech, crypto, new types of non-traditional financial institutions), new regulations are expected on the segment of income earned by individuals in Romania.EY has over 1,000 employees in Romania and the Republic of Moldova, integrated audit, tax, legal, strategy and transaction consulting services to multinational and local companies.