Payment by the company of a tax due by individuals on the sale of shares
Mr. Popescu is a natural person resident in Romania, sole shareholder of X SRL, a Romanian legal entity established according to Law no. 31/1990 on companies. The nominal value of the share capital is 2,000 lei. The natural person decides to sell the shares to another natural person resident in Romania. The parties agreed as the sale price the amount of 10,000 lei and signed the contract of assignment of shares on July 22, 2015. To transcribe the statement, the Trade Register requests proof of payment of tax in connection with this transaction.
When drafting the accounting monograph, we take into account that, by the fact that the natural person selling the shares realizes a price higher than the nominal value, a taxable income is realized by this natural person.
According to art. 66 paragraph (3) of the Fiscal Code, for the gain made by the natural person, he owes income tax in percentage of 16%. The basis for calculating the tax is the difference between the selling price and the nominal value of the shares.
The tax is deducted by the buyer from the price due to the seller. The amount is left at the disposal of the company and is paid to the budget by the company whose shares are sold.
Tax calculation base = 10,000-2,000 = 8,000 lei
Tax due = 8,000 * 16% = 1,280 lei
Registration in the accounting of the amount deposited by the buyer in the company’s cashier’s office:
5311 “House in lei” = 462 “Various creditors” with the amount of 1,280 lei
Recording this amount in the income tax account due by the natural person:
462 “Miscellaneous creditors” = 446 “Other taxes and fees” with the amount of 1,280 lei.
Payment of the budget tax by bank transfer:
446 ”Other taxes and fees” = 5121 “Bank accounts in lei” with the amount of 1,280 lei
The tax is declared in the declaration to the state budget 100, corresponding to the month in which the tax was paid, and until February 28 of the following year, the company submits the declaration 205 with the tax withheld on the income made by the natural person.
The maturity of the tax is the date until which the entry in the Trade Register is made, and its observance is a condition for registering the changes related to the company.