The Finance Ministry has decided to no longer tax the entireinterest rate for existing deposits, after holding a meetingyesterday morning with the management of the Romanian BankingAssociation (ARB).
"The calculation basis for the 16% tax consists of the incomesaccrued from July 1 until the deposit's maturity date, andregistered in the account holder's current account or depositaccount," reads a letter signed by Finance Minister SebastianVladescu and addressed to Radu Ghetea, chairman of ARB. This is aradical change from the Finance Ministry's stand on Tuesday, whenit informed bankers in a letter that "realised interest rate" (thecalculation basis for the tax) is understood to mean the interestregistered in the current account or in the client's deposit.
The Finance Ministry initially asked banks to calculate and levythe 16% tax on interest rates collected in the account after July1, although they corresponded to the period prior to theintroduction of the tax.
Bankers said, however, that the interest is calculated on a dailybasis and is a client income, and that only the transfer into theaccount generally occurs on maturity. Therefore, only the interestrate calculated between July 1 and maturity should be taxed. Thetax on interest rate incomes was introduced via GovernmentOrdinance no. 58, published in the Official Gazette on June 28,which came into force on July 1.
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