Certain intermediaries now have additional obligations in relation to the capital gains obtained through them. These intermediaries are “intermediaries as defined by the current legislation – investment management companies, self-managed investment companies, administrators of alternative investment funds, Romanian tax residents and tax non-residents that have a permanent establishment in Romania and are considered intermediaries.”2
In addition to the requirement to calculate the gain/loss for each transaction undertaken on behalf of a taxpayer, and to report information relating to annual gains/losses to the taxpayer and the Agenția Națională de Administrare Fiscală (ANAF), these intermediaries are also required to calculate, withhold, declare and pay income tax for every transaction, on income obtained from Romania as well as on income obtained from abroad, except for income obtained from the transfer of investment gold.
For the capital gains obtained through these intermediaries, the taxation rates decrease from 10% to 1% or 3%, depending on the holding period (1% for holding periods longer than 365 days, 3% for periods shorter than 365 days).
Also, in order to determine the capital gain, it is now clarified that the fiscal value of the shares sold is calculated by using the weighted average cost method, and includes the fees for each transaction, for each symbol, regardless of the period of ownership.
However, losses incurred through these intermediaries, from the transfer of securities or derivatives, can no longer be carried over and offset by future gains; thus, these losses represent a permanent loss for the taxpayer.
The law also includes several transitional measures in relation to capital gains obtained for tax year 2022.
