“We welcome the decision of the Romanian Senate to adopt, with a vast majority, this legislative project that comes in support of the capital market and investors. Today’s vote is a confirmation of the usefulness of this approach and its relevance for all market players. We strongly believe that by finally adopting and applying the provisions of this legislative proposal, we will be able to encourage the population to be more present in the capital market, thus facilitating the access of Romanian companies to financing. This law brings benefits to everyone and, ultimately, to the Romanian economy. We look forward to the debates in the Chamber of Deputies and we continue to support this legislative proposal”, said Adrian Tanase, CEO of the Bucharest Stock Exchange.
The bill provides for the withholding tax on capital gains for individual investors to be retained at source, with two tax levels, i.e. 1% for holdings over one year and 3% for holdings of less than one year, while losses will not be compensated. The obligation to calculate, withhold at source, declare and pay the tax will be borne by intermediaries and fund managers.
The legislative proposal on amending and supplementing Law no. 227/2015 regulating the Tax Code, which includes simplifying the taxation of capital market investors, was registered in the Senate for debate on October 13, 2021. The initiators of the legislative project are liberal MPs Sebastian Burduja, Gabriela Horga, George Tuta and USR senator Claudiu Muresan. The bill is backed by the Bucharest Stock Exchange, the Financial Supervisory Authority, the Association of the Fund Administrators in Romania, the Romanian Association of Banks and the Brokers Association.