Varujan Vosganian, Romanian Finance Minister, has announced the government's intention to suspend income tax on Bucharest Stock Exchange (BVB) gains in 2009.
Currently gains on Bucharest Stock Exchange investments are taxed at 16%, unless the stock has been held for longer than a year, in which case the rate is reduced to 1%. Both of these rates will be suspended.
The initiative is aimed at stimulating the growth and development of the exchange, at a time of extremely low investor confidence, not just in Romania, but around the world.
In parallel, and perhaps more importantly for investors involved in frequent trading, the transaction tax on share dealings has also been suspended. Gabriela Anghelache, president of the National Commission for Securities (CNVM) announced that this suspension would come into effect on the 1st October. Currently the transaction tax stands at 0.8%.
Whilst investors will no doubt welcome these measures, the consensus appears to be that these steps are unlikely to have a significant impact, until the underlying issues affecting global markets are rectified.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment