The Romanian Senate adopted today, February 2, the legislative proposal aimed at simplifying the taxation of investors in the capital market. Of the 120 senators present, 118 voted for, one abstention and one vote against. The legislative proposal will go to the Chamber of Deputies, the decision-making body.
“We welcome the decision of the Romanian Senate to adopt, by a large majority, this legislative project which comes in support of the capital market and investors. Today’s vote confirms the usefulness of this approach and its relevance for all market players. We firmly believe that by adopting and finally 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 benefits everyone and ultimately 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 of withholding tax on capital gains for retail investors, with two levels of taxation, 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, declare and pay tax will fall to intermediaries and fund managers. The legislative proposal amending and supplementing Law no. 227/2015 on the Tax Code, which includes the simplification of the taxation of capital market investors, was registered in the Senate for debate on October 13, 2021. The initiators of the legislative project are PNL deputies Sebastian Burduja, Gabriela Horga, George Tuta and USR Senator Claudiu Muresan, the project being supported by the Bucharest Stock Exchange, the Financial Supervisory Authority, the Association of Fund Administrators in Romania, the Romanian Association of Banks and the Association of Brokers.
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