Finance Ministry could drop stock transactions tax

Lucian Anghel, President of the Stock Exchange’s Administrative Council, stated for Mediafax that the Finance Ministry is willing to drop the tax on profitable stock transactions, a tax that is criticized by capital market players. “The Bucharest Stock Exchange has asked for this meeting in order to talk about the modifications that will be brought to the Fiscal Code. Greater openness and support for retail investors are needed, particularly in the context of the sale offers that the state will make for companies such as Romgaz and Hidoelectrica,” Anghel stated. Brokers consider that the 16 per cent tax on each profitable stock transaction will deter investors and will slow the stock market’s development which is slow as it is. They recommend a return to the 1 per cent tax.  Lucian Anghel met Finance Ministry secretary of state Liviu Voinea yesterday and President of the Association of Romanian Businessmen (AOAR) Florin Pogonaru in order to discuss the proposed Fiscal Code modifications that concern the capital market. According to a planned modification, investors will be exempt from filing quarterly fiscal statements and from the quarterly payment of the profit tax, however a 16 per cent tax on each profitable transaction will be introduced. The project on modifying the Fiscal Code is currently publicly debated.

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