The government has proposed a more moderate increase in the rate of income tax on individuals’ deposits - 2.3 times - from 3% to 7%.
This is provided for by the draft of the tax and customs policy, approved by the government at a meeting on Wednesday. In the original draft it was planned to increase the rate of this tax four times - up to 12%, but this proposal was criticized by all business associations, banks and experts. After public consultations, the income tax rate, which is imposed on income of resident individuals from banks, savings and loan associations and from issuing corporate securities (as a final withholding), was proposed to increase from 3% to 7%. At the same time, the Tax Code will be supplemented with a provision under which income in the form of interest and/or capital gains received by individuals from government securities will be taxed at an income tax rate of 12%. According to preliminary calculations, the mentioned measures will bring over 233.5 million lei to next year's budget. // 08.12.2022 - InfoMarket
