Cryptocurrency earnings officially taxed in Romania

Cryptocurrency earnings officially taxed in Romania

The law 30/2019 amending the Fiscal Code came into force on January 20 and brings a novelty to the Romanian system, namely categorizing the earnings from bitcoin and other digital coins as “income from other sources”, therefore subject to income tax.

“Now, the earnings from bitcoin are taxed and declared by in the annual income statement. Only the earnings [or gains, as opposed to revenues] are taxed,” tax consultant Adrian Benta said, quoted by local Ziarul Financiar.

If the earnings in a transaction are less than RON 200, they do not have to be declared. However, if these casual earnings exceed altogether more than RON 600 per year, they are subject to taxation.

“The tax is 10%. It is a fair regulation. Before this, we had a more cumbersome procedure in which one had to register as freelancer if he was trading repeatedly. It is now treated as an extraordinary income from other sources,” the consultant said.

More than one in ten Romanians say they own cryptocurrencies

editor@romania-insider.com

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