The immediate impact on personal cash flow and tax compliance is determined by the withholding-at-source mechanism and the ceiling applicable to the health insurance contribution.
- Timing of income realization and calculation of gain
According to Art. 94 para. (1) and Art. 96 of Legea nr. 227/2015 (Romanian Fiscal Code), income from the transfer of securities is considered realized on the date the financial instruments are sold, not at acquisition.
Taxable gain =
Sale price – Purchase price – Transaction-related costs
(broker commissions, trading fees, etc.)
Loss is determined similarly; however, the offsetting regime is limited where tax is withheld at source.
- Tax on capital gains – withholding at source
Pursuant to Art. 96¹ of the Fiscal Code, for transactions carried out through intermediaries that are Romanian tax residents, the tax is calculated, withheld, and paid by the broker.
Applicable rates:
For 2025:
- 1% for holdings > 365 days
- 3% for holdings ≤ 365 days
For 2026:
- 3% for holdings > 365 days
- 6% for holdings ≤ 365 days
The tax is final (Art. 97 para. (8)⁴). It is not subject to regularization through the Single Tax Return.
Operational conclusion:
Individuals have no reporting obligation for capital gains tax if they trade exclusively through a Romanian resident broker applying withholding at source.
- Obligation to pay CASS (health insurance contribution)
Trading income falls within the category of investment income under Art. 155 para. (1) letter c) of the Fiscal Code.
According to Art. 170 para. (2), if total income from the categories listed under Art. 155 para. (1) letters c–h exceeds the threshold of six gross minimum salaries, CASS becomes due.
Gross minimum salary (2025–2026): 4,050 RON
Threshold (6 minimum salaries):
4,050 × 6 = 24,300 RON
Employee status does not eliminate the obligation to pay CASS on investment income if this threshold is exceeded.
- CASS calculation base
According to Art. 170 para. (3):
- Income between 6–12 minimum salaries → base = 6 minimum salaries
- Income between 12–24 minimum salaries → base = 12 minimum salaries
- Income above 24 minimum salaries → base = 24 minimum salaries
CASS rate = 10%.
Example:
If net investment income is 80,000 RON (above 24 minimum salaries):
24 × 4,050 = 97,200 RON
CASS = 10% × 97,200 = 9,720 RON
- Reporting obligations
- Capital gains tax: not reported in the Single Tax Return (final tax withheld at source).
- CASS: if cumulative income from investments and other sources listed under Art. 170 para. (4) exceeds six minimum salaries, the Single Tax Return must be submitted.
Deadline for filing and payment: 25 May of the year following the year in which the income was earned.