Romanians to pay new taxes starting July 1

Furthermore, redundancy payments will also be taxed under the law.According to the modifications to the Fiscal Code, the gambling tax rate will be a single 25 percent rate from July 1.

At present, the gambling revenues below 10,000 lei are taxed by 20 percent, while the share in excess of such ceiling is taxed by 25 percent.All interests to the bank deposits and accounts will be taxed by 16 percent starting July 1. Also, the individuals that had set up term bank deposits before July 1 will pay 16 percent tax on the interest calculated from this date till the maturity date.

The new Fiscal Code provisions stipulate the unification at 16 percent of the taxation level of the earnings made from the transfer of titles other than shares and securities regardless of how long such titles are owned.The overall impact of the direct taxes on the budget is put at some 600 million lei by year-end and at 1.327 billion lei in 2011. (1 euro=4.36 lei)