Law 202/2026 introduces Savings and Investment Accounts, and amounts transferred into SIAs become deductible expenses for PFAs under the actual income tax system. The 10% tax is paid only upon withdrawal.
Thank you for reading this post, don't forget to subscribe!Authorized individuals (PFAs) and other self-employed professionals will be able to build up supplemental retirement income through a mechanism offering significant tax advantages. This measure is provided for by Law No. 202/2026 on the establishment and operation of Savings and Investment Accounts (CEI) and applies to income for the year 2027.
Full deduction, with no express limit
To benefit from this provision, taxpayers must determine their annual net income on an actual basis, based on accounting data, as the difference between gross income and deductible expenses. The law amends Article 68 of the Tax Code (Law No. 227/2015): amounts transferred to a deductible CEI account (CEI-D) are deductible expenses, regardless of whether the business is operated individually or as a partnership.
The text of the law does not set an explicit annual limit for these contributions.
Contributions until age 65, 10% tax upon withdrawal
The account holder may voluntarily contribute to the CEI-D until age 65 or until pension eligibility begins (due to reaching the retirement age, early retirement, or disability), whichever occurs first. These same conditions also determine when funds may be withdrawn.
As long as the assets are held, the income generated in the account remains tax-exempt. Upon withdrawal, a final income tax of 10% applies, calculated and withheld at source by the account administrator on the payment date and remitted to the government by the 25th of the following month.
Who Manages the Accounts and Where Can the Money Be Invested
The accounts may be managed exclusively by banks and financial investment services companies (SSIFs). Funds may be invested in stocks, bonds, and units of UCITS traded on regulated markets in the European Union or the OECD. Speculative derivatives are prohibited.
Assets in CEI accounts are exempt from seizure, meaning they are protected against foreclosure, assignment, or pledging, and are covered by the Investor Compensation Fund.
Transparency and Inheritance
Before opening the account, the administrator must provide a standardized information document detailing the tax treatment, risks, and fees. Subsequently, the administrator issues a supporting document regarding the transferred contributions, including the self-employed individual’s identification details, the settlement date, the amount, and the account type, as required for accounting records.
Upon the account holder’s death, the assets pass to the heirs, who may transfer them to a similar account or liquidate them through a lump-sum payment.
Supplements the Measures in Government Emergency Ordinance No. 8/2026
The new mechanism supplements the provisions of Government Emergency Ordinance No. 8/2026, effective as of March 2026, which already allow self-employed individuals to deduct from their income tax the amounts allocated to the direct purchase of stocks, bonds, and ETFs, up to a limit of 400 euros per year. With the introduction of CEI-D, effective January 1, 2027, the government is expanding the package of incentives for stock market investments by the independent business sector.
Legal basis: Law No. 202/2026; Law No. 227/2015 on the Tax Code, as subsequently amended and supplemented; Government Decision No. 1/2016 (Methodological Norms for the Application of the Tax Code).