Changes in the Fiscal Code provisions

UniCredit Bank S.A.
Fiscal Code amendments impacting non-resident individuals.
Wed, 20/01/2021

According to the Law 296/2020 published in the Official Gazette of Romania, the following new tax provisions have been established effective 1 January 2021:

    • the WHT rate is reduced from 16% to 10% on interest, royalties and commissions obtained in Romania by:
      • Individuals resident in EU member states;
      • Individuals resident in non-EU member states, with which Romania has a DTT in place;
    • no withholding tax is applied on securities lending operations;
    • acceptance of tax residency certificates issued electronically / online in the country of residence

Impact on investors:   Clients should take note of the above changes in the Fiscal code.