Romania Fin Ministry Updates Norms For Tax On Interest Income

„The ministry decided not to tax earnings due for the period before July 1, regardless if the money was transferred into the clients’ accounts,” said Radu Ghetea, head of the Romanian Banking Association and president of state-owned CEC Bank.

The lenders will refund all clients whose earnings from interests were taxed for the period prior to July 1, Ghetea told MEDIAFAX.

Romanian authorities recently introduced a 16% tax on individual income from banking deposits, in a move to extend the general tax base and improve collection.

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Tuesday, the Finance Ministry announced the tax would apply to all earnings from deposit interests that have been transferred into the clients’ accounts after July 1, regardless the opening date of the deposits.