In accordance with the tax legislation in force, individuals who obtain income from cryptocurrency transactions are required to declare and pay the tax related to them.
Declaration of cryptocurrency income
The declaration of income from cryptocurrency is made after the end of the fiscal year, by completing Chapter 1 of the Single Declaration, in the section “Income from other sources obtained in Romania”. According to the Fiscal Code, earnings from trading virtual currencies are considered taxable income from other sources, being regulated by art. 114, paragraph (2), letter m).
Calculation and payment of income tax
The tax due is calculated by the taxpayer based on the Single Declaration, by applying a rate of 10% on the gain achieved. The gain is determined as the difference between the selling price and the purchase price, including direct costs related to the transaction. If a gain is below 200 lei/transaction, it is not taxed, provided that the total annual gains do not exceed 600 lei.
Social Security Contribution (CAS)
In 2024, income from cryptocurrencies is not included in the category of income for which CAS is paid.
Health Social Security Contribution (CASS)
Taxpayers who earn income from cryptocurrencies may be required to pay CASS, according to art. 155 para. (1) letter h) of the Fiscal Code, if the annual income exceeds 6 gross minimum wages in the economy.
The calculation basis for CASS is established as follows:
- 6 gross minimum wages for income between – 6 and 12 gross minimum wages,
- 12 gross minimum wages for income between – 12 and 24 gross minimum wages,
- 24 gross minimum wages for income above 24 gross minimum wages.
In 2024, the gross minimum wage is 3,300 lei.
Deadline for filing the Single Tax Return
The Single Tax Return for income earned in 2024 must be filed by May 25, 2025. In this return, the earnings from cryptocurrencies must be highlighted as an amount withdrawn to a bank account, according to the bank statements. Trading platforms should provide users with an annual report of investments and earnings to facilitate the completion of the return. Regardless of the purpose of acquiring cryptocurrencies (long-term storage, investment or frequent transactions), the obligation to declare occurs at the time of withdrawal of earnings to a bank account.
Conclusion
Individuals who trade cryptocurrencies must be attentive to their tax obligations and ensure that they comply with the deadlines for declaring and paying taxes. A good organization of transaction records can simplify the entire process and avoid potential penalties.