New amendments and additions to the Tax Code have been adopted.
In case of determining the income from transactions with derivative financial instruments that
are not carried out through a defined intermediary, Romanian tax resident or non-resident
who has a permanent establishment in Romania that has the quality of intermediary, it is
determined for closed positions starting from the first trading day of tax year and up to and
including the last trading day of tax year. The determination of gain/loss provides for periodic
settlements between parties, without closing the position, within a fiscal year.
The gain/loss determination is carried out annually, cumulatively, at the end of tax year, by
the income beneficiary, based on supporting documents.
Investment management companies, self-managed investment companies, managers of
alternative investment funds, Romanian tax residents or non-residents who have in Romania
a permanent establishment acting as an intermediary through which non-resident individuals
obtain income from the transfer of securities issued by Romanian residents, have the
following tax obligations: a) to apply to Romanian tax authority for tax identification number
for non-resident person who does not have this number; b) to keep the original or a certified
copy of the tax residence certificate or another document issued by another authority than the
tax authority; c) to calculate the gain/loss on each transfer/transaction made for non-resident
individual accountant; d) to calculate, withhold, declare and pay income tax; e) to transmit to
each non-resident individual taxpayer information on total gains/losses and tax calculated and
withheld at source; f) to submit annually the statement on calculation and withholding of tax
for each income recipient to the competent tax authority.