Changes to direct taxation

On 16 October 2008, Official Gazette No. 705/2008 published Emergency Ordinance No. 127/2008 amending the Fiscal Code. Unless otherwise indicated, the changes are effective on 1 January 2009. The most important direct taxation changes are summarized below. For indirect taxation changes, see TNS:2008-11-05:RO-2.

Capital gains

Capital gains from trading securities on Romanian regulated capital markets will not be taxable during the period of 1 January 20…