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24 December 2008

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Changes to direct taxation

On 16 October 2008, Official Gazette No. 705/2008 published Emergency Ordinance No. 127/2008 amending the Fiscal Code. Unless otherwise indicated, the changes are effective on 1 January 2009. The most important direct taxation changes are summarized below. For indirect taxation changes, see TNS:2008-11-05:RO-2.

Capital gains

Capital gains from trading securities on Romanian regulated capital markets will not be taxable during the period of 1 January 2009 to 31 December 2009. This exemption will apply for this limited 1-year period to any resident or non-resident, company or individual. For resident companies, the expenses related to registration and trading in those securities will be deductible in calculating the taxable income.

Effective 1 January 2009, however, the following categories of gains earned by non-residents will not be taxable in Romania for an unlimited period of time:


capital gains realized by non-resident collective investment vehicles without legal personality from trading in securities held directly or indirectly in a Romanian entity;


capital gains realized upon the transfer of derivative financial instruments; and


capital gains from trading in securities, issued by Romanian residents and realized on foreign capital markets.

Capital losses

Currently, capital losses realized by individuals may be set off against capital gains of the same type. No carry-forward of any negative balance is allowed. The changes provide that such balance arising after 1 January 2010 could be carried forward for 1 year.

Deductions of voluntary contributions

Currently, deductions of voluntary pension and health contributions

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