According to the Romanian Fiscal Code and signed Double Tax Treaty (DTT) agreements, foreign investors should provide a Certificate of Tax Residence valid for 2015 in order to benefit from the applicable tax reductions and/or exemptions for income obtained in Romania.
The Certificate of Tax Residence must be provided in original and be valid for the calendar year of the issue (i.e. 2015). In such case no Apostille or Notarization is required on the CoTR.
In case the non-resident client fails to provide the above mentioned document the entitled income will be taxed at a standard 16% tax rate. Please note that the name of the entity on the issued Certificate of Residence must match the account name.
Impact on investors: Certificates of Tax Residence for 2015 should be provided to UniCredit Tiriac Bank (for tax relief at source derived from the income collection) and/or to the appointed fiscal representative (for capital gain tax) by investors seeking to benefit by the DTT tax treatment.