Romania’s tax authority to impose 10% tax on cryptocurrency earnings that exceed 600 Romanian ron ($143) per year, requires investors to declare earnings in annual income statement

Briefing

Romania’s tax authority to impose 10% tax on cryptocurrency earnings that exceed 600 Romanian ron ($143) per year, requires investors to declare earnings in annual income statement

January 30, 2019

Briefing
  • Cryptocurrency Earnings Tax – Tax authority in Romania will now require cryptocurrency traders to pay 10% income tax on earnings that exceed 600 Romanian ron ($143) per year
  • Exclusion – Gains from single transaction below 200 Romanian ron ($50) will not be taxed
  • Categorization – Profits generated from buying and selling cryptocurrencies counted as “income from other sources” and subject to income tax
  • Income Statement Declaration – Cryptocurrency traders now also required to declare earnings in annual income statement
  • Other Countries – Chile will start taxing Bitcoin profits in April 2019, while Spain drafted laws that will impose investors to declare crypto asset holdings, taxing any capital gain and other accrued benefits from digital currency transactions

Accelerator
Web3 Ecosystems, Tokens and Consensus Mechanisms

Market Disruption
Innovation, Competitiveness and Trade

Sector
Financial Services, Government (excluding military)

Source

Original Publication Date
January 23, 2019

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