What documents do I receive from BT Asset Management SAI and when?
The annual portfolio statement: At the beginning of each year, BT Asset Management SAI will send the Portfolio Statement related to the previous fiscal year, at the correspondence address declared by the client. This presents the profit/loss resulting from the transactions performed during the respective year.
Remark: The portfolio statements are sent only to the investors that performed redemption operations during the respective year. The portfolio statements can also be downloaded from the Online Account, which is available for free to all our clients.
What documents have to be filled in by the taxpayer and where are they sent?
The due income tax is determined based on the portfolio statement received from BT Asset Mangement SAI SA. The annual net profit/loss is determined as a difference between the gains and losses recorded during the respective fiscal year.
Based on the portfolio statement issued by the asset management company, the Single Tax Form is filled in, containing your identification details and the profit/loss obtained from the investment activity.
What is the deadline for submitting the Single Tax Form and for paying the final tax?
The tax form must be submitted by natural persons no later than 15.03.2020. The payment of the related tax must also be made until the aforementioned date.
Are the potential losses in a fiscal year carried forward to the next year?
The potential losses resulting from the transfer of securities (fund units), as established pursuant to the declaration form concerning the income obtained, are recovered from the net annual profit obtained during the following 7 fiscal years consecutively.
Have there been any revenue taxation exceptions during the past years?
As concerns natural persons, the profit obtained in 2009 was not subject to tax, pursuant to the Government Emergency Ordinance amending the Fiscal Code, this condition being applicable solely to the profit of 2009, regardless of the fund units’ holding period. In January 2010, the differentiated taxation depending on the holding period was reenacted, but the legislation was amended again to revert to a single tax rate regardless of the holding period, as of July 1st (the tax is 16% of the profit).
Are residents and non-residents subject to different taxation?
Non-resident individuals who obtain profit on the Romanian capital market are subject to the same fiscal treatment applicable to the income achieved by Romanian residents. If non-resident citizens submit a tax residence certificate upon redemption, the taxation will be made according to the Convention for the avoidance of double taxation, the due tax being that of the country with the lower tax rate (the tax residence country or Romania, as the case may be).