Stock Exchange investors will no longer have to submit quarterlystatements on generated gains, but only annual ones, and thecalculation, withholding and transfer of taxes on gains fromtransactions representing early payments will become the task ofbrokerages, according to a new Fiscal Code modification draft.
The Finance Ministry has come to the conclusion that theobligations of file tax returns and paying the tax every quarterdid nothing but complicate fiscal administration and raiseassociated costs, and on the other hand are dampening capitalmarket investments. Moreover, the ministry has identified"technical difficulties" in applying the current stipulations inthe fiscal field.
Incomes/losses related to the period between July 1 and the datemodifications come into effect are declared only in the annual taxstatement and will be taken into account when setting the annualtax owed for the July 1, 2010-December 31, 2010 period. No earlypayments are due in the annual tax account for the gains related tothe respective period, and after the new rules have been passed inthe Government, withholding at source, namely by the broker, willbe applied.
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