Prima pagină » English » Romanian Suspends Tax On Stock Exchange Invest Profit In ’09 – PM

Romanian Suspends Tax On Stock Exchange Invest Profit In ’09 – PM

The Romanian Government decided Wednesday that profits made from stock exchange investments would not be taxed in 2009, Prime Minister Calin Popescu Tariceanu said.
Romanian Suspends Tax On Stock Exchange Invest Profit In ’09 - PM
08 oct. 2008, 18:02, English

Two weeks ago, Romania’s Economy and Finance Minister Varujan Vosganian said the taxes on profits resulted from stock exchange investments would be eliminated in the next year, and the investors would have the possibility to carry forward the 2009 losses in the following year, to lower the profit tax.

“We will amend the fiscal code, and we will suspend the taxes on profits coming from stock exchange investments made in 2009,” Vosganian said.

"Both the 1% tax for portfolios that exceed one year and the 16% tax for portfolios for the ones lower than a year, will be suspended for the entire year in 2009," the minister added.

The tax suspension is part of a plan to revitalize investments on the stock exchange, through measures taken by the Economy and Finance Ministry and the National Securities Commission, or CNVM.

The Bucharest Stock Exchange board suspended Wednesday the trading, at 0808 GMT, after the market took a steep dive, with its main indices recording losses larger than 10%.

The trading will be resumed Thursday, stock exchange president Stere Farmache said.