Owners of banking deposits who opted to collect rates on duedate will have the surprise to see that banks deduct the 16% taxfor the entire interest rate, not just for the amount accrued afterJuly 1, because this is what the Finance Ministry requires.
Deposits with longer maturities, such as those made for oneyear, come with the option of monthly interest payment or paymentin one tranche upon the due date. If the depositor chose to collectinterest every month, they will only pay tax on the interest rateaccumulated after July 1. On the other hand, if they chose tocollect the entire rate upon the due date, which is some time afterJuly 1, then they will pay tax for the entire amount.
"The 'realised interest rate' phrase is understood to mean theinterest registered in the accountholder's account (...) Comparedwith what was previously stated, in case of a term deposit made onJanuary 10, 2010 and falling due on July 10, 2010, the interestrate thereof registered in the current or deposit account as ofJuly 1, 2010 is subject to tax," reads a letter signed by FinanceMinister Sebastian Vlădescu addressed to Radu Gheţea, in hisposition as chairman of the Romanian Banking Association (ARB). Theletter reached ARB yesterday. Bankers challenge this interpretationof the Finance Ministry.
"Our interepretation is that the tax should be applied on apro-rata basis, that is only for that part of the interest accruedafter July 1. The banks calculate the interest rate due to theirclients daily, and the interest is only due when the depositreaches maturity. In other words, the end client whose income issubject to tax derives an income from interests daily, thereforethe income made before July 1 should not be subject to tax," saysCorina Vasile, Raiffeisen Bank's communication manager.
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