Broker from Romania
If the broker is Romanian, the tax is 3% for holdings older than one year and 6% for sales of stocks made less than one year from their purchase. This percentage is applied to the capital gain from that specific sale and is withheld directly by the broker.
Gains are calculated using the Weighted Average Price (WAP) at which the securities were acquired.
Tax withholding always occurs at the time of the sale, regardless of whether the investor made an overall profit or loss on all sales combined. Capital gains recorded and taxed on certain stock sales cannot be offset against losses marked on other stocks: the tax remains paid even if the investor's total sales for the year resulted in an overall loss. Furthermore, recorded gains cannot be offset against losses from previous years. Dividends are taxed separately via a 16% withholding tax at the source (by the company issuing the dividend). Even though the total gain has nothing to do with actual tax liabilities, it must still be calculated (by the investor) to determine whether CASS (health insurance contribution) is due. If this income, combined with dividends, interest, rental income, etc., exceeds the threshold of 6 minimum wages (i.e., 6 x 4,050 = 24,300 lei in 2026), the investor must declare this in the Single Tax Return (Declarația unică) and then pay a 10% CASS (= 2,430 lei) relative to 6 minimum wages (or 12 and 24 wages, depending on the total income bracket). The actual payment of the due CASS can be made in two installments: 25% by May 25 of the filing year, and 75% by May 25 of the following year.
Broker Outside of Romania
If the broker is foreign (e.g., Interactive Brokers), the tax is 16% on the cumulative net gain of all sales made during that year. The gain is calculated by subtracting the average acquisition cost and commissions from the sale price.
Gains must be declared for each year via the Single Tax Return by May 25 of the following year and paid by the same deadline.
Declaring gains through the Single Tax Return is only required if sales were made (and, if applicable, the return may also need to be filed for CASS payment).
After filing, payment is made by investors who recorded a net profit from sales during that year. Thus, there may be cases where, despite recording a gain on one stock, the investor pays no tax on investment profits because that gain was offset by a loss from another stock sale. Additionally, gains recorded from sales made in a given year can be offset by losses incurred in the last 5 years, provided those losses were declared on time through the Single Tax Return (Declarația unică) for the period in which they occurred.
Profits or losses from a transaction are determined in RON using the official BNR (National Bank of Romania) exchange rate for that day.
If certain types of taxes were withheld abroad, they can usually be deducted from the total taxes of the same type owed in Romania, provided a Double Taxation Avoidance Treaty exists with that state and a proof of tax withholding can be provided.
Received dividends (regardless of whether investments were made through a foreign broker or not) are always taxed at 16% in Romania. Typically, a dividend tax is applied at the source, and for foreign companies, it is generally higher than 16%, meaning an investor often owes no additional dividend tax in Romania if they can prove the withholding. Brokers provide documentation for this (tax vouchers).
Investment taxes are declared and paid by May 25.
CASS rules apply identically regardless of whether income was generated through foreign brokers.
A Common Scenario: A Romanian citizen trading through a foreign broker receives a dividend from a US company. If Form W-8BEN was submitted (via the broker), a 10% dividend withholding tax is applied, or 30% if not submitted. In either case, ANAF will recognize a 10% tax credit, and the investor would owe an additional 6% tax for that dividend in Romania.
Tax due for one dividend cannot be offset using a tax credit from another dividend.
Barring unusual circumstances, it is usually preferable to invest in ETFs via the accumulating variant (which reinvests received dividends instead of distributing them) to avoid both extra taxes and reporting formalities. If dividend taxes were lower than capital gains taxes, the decision might have been different. Since the dividend tax in Romania is higher than or at least equal to capital gains taxes, investing in an accumulating ETF rather than a distributing one is generally preferred.