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| May 27, 2022 |
Market Status: Closed
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Fees and taxes

Trading fees

For each transaction conducted by an investor, the intermediary charges a fee for the services provided. Fees charged by intermediaries depend on the customer, his/her portfolio, the value and the frequency of trades performed. In most cases the fee is calculated as a percentage of the transaction value.

The fee charged by the intermediary includes the fees and commissions due to other market institutions such as the Bucharest Stock Exchange (BVB), the Central Depository and the Financial Supervisory Authority (FSA).

Taxation of capital gains and dividends

Starting 2016, dividends are taxed at a 5% rate, compared to a previous rate of 16%.. Romanian legal entities paying dividends have an obligation to withhold tax.

Capital gains resulting from the transfer of securities are taxed at a 16% rate.

Regarding the health tax contribution (CASS), in 2016 there are no changes, as the health tax contribution (CASS) on income from investments and dividends are not due if the person obtains other income already subject to this contribution, such as salaries or pensions.

This rule will change starting in 2017 when the health tax contribution (CASS) will be due on income from investments, regardless of the existence of other income subject to CASS.

Setting CASS will be made by the tax authority based on tax declaration, by issuing a tax decision. The tax authority will determine the amount payable based on the information received from the taxpayers as annual statements or from entities paying dividends, based on withholding tax statements.

Individuals investing on the capital market are required to report their gains or losses annually. The capital gain tax is due by the end of May 25th of the following year when the transactions were made.

Legal entities investing on the capital market are required to report their gains or losses on a quarterly basis. The capital gain tax is due by the 25th day of the month following the end of the quarter.

Double taxation treaties govern the non-resident fiscal regime in Romania, upon providing the Fiscal Registration Certificate. Otherwise, capital gains and dividends are taxed at rates applicable to resident investors.

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