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Romanians’ Gains From Realty Trades May Be Levied 16% Tax

Romanian population’s gains from real estate transactions for commercial purpose may be subject to a 16% tax in the new Fiscal Code, according to Paul Coman, adviser with the National Fiscal Administration Agency ANAF.
Romanians’ Gains From Realty Trades May Be Levied 16% Tax
10 mart. 2009, 14:02, English

"This measure is subject to the analysis of the Ministry of Finance," Coman said.

Gabriel Biris, partner with law firm Biris-Goran, said that such a decision would ensure higher state budget revenue and would equalize the fiscal treatment on both companies and population as regards the gains from real estate transactions for commercial purpose.

"It is not normal that companies speculating on the construction market pay a 16% tax, and individual speculators pay zero taxes," Biris said.

Biris also said the natural persons currently pay a 1% tax of the sale price of lands and buildings older than three years, which set under EUR200,000, a 2% tax for those worth over EUR200,000, as well as a 2% and 3% tax for the lands and buildings less than three years old .