Seeking to raise budget funds, the Government wants to hike thetax rate levied in advance for Stock Exchange earnings from thecurrent 1% to 10%, according to a draft emergency ordinance tomodify the Fiscal Code, devised by the Finance Ministry. Themeasure is to be enforced as of June 1st, i.e. starting next week,with a 16% tax to be levied on all stock exchange earningsregardless of the holding period.
Prior to being enforced, the draft needs to be approved byParliament.
Up until now, a 1% tax was levied on the profit made byinvestors on the capital market if the holding period exceeded oneyear and 16% if profit-making sales and purchases occurred within ayear.
Brokers say raising the tax levied in advance is an absurd andhasty measure, which will lead to an imminent bankruptcy of thecapital market in the context where 90% of stock exchangetransactions are carried out by speculators, whose money will beblocked in the state budget, even though the state will eventuallyreturn the bulk of the amount to the investor at the end of theyear.
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