Tax Guide Romania 2026: What Every Investor Needs to Know

Last updated: 7 September 2026

Romania retains a 10% headline personal income-tax rate, but its investment system changed substantially in 2026. Dividends and cryptocurrency gains rose to 16%. Securities transactions outside the qualifying Romanian-intermediary regime are also taxed at 16%, while qualifying intermediaries withhold 3% or 6% from each profitable disposal depending on the holding period.

The intermediary distinction is more important than the broker’s brand or the exchange on which an ETF trades. In the withholding regime, tax is charged on each gain and losses generally do not reduce other gains. Outside that regime, the investor normally calculates an annual net result and self-reports it. Dividends, interest and investment gains can also trigger a separate capped health contribution, CASS, even when the underlying income tax was already withheld.

This guide explains the principal Romanian rules applicable in 2026 to employees, private investors, freelancers, expats and remote workers. It reflects information available on 7 September 2026 and relies primarily on the National Agency for Fiscal Administration (ANAF) and Romanian legislation.

Tax Overview — Key Numbers at a Glance

Tax type	2026 rate or rule	Key point
Employment and most ordinary income	10%	Flat PIT applied to the relevant taxable base
Securities through a qualifying intermediary, held at least 365 days	3%	Withheld from each gain; losses are not normally netted
Securities through a qualifying intermediary, held under 365 days	6%	Withheld from each gain
Securities outside that regime	16%	Generally applied to annual net gain and self-reported
Dividends	16%	Increased from 10% for dividends distributed from 1 January 2026
Interest	10%	Generally final withholding for Romanian-source interest
Cryptocurrency gains	16%	Increased from 10% in 2026; narrow de minimis exemption applies
Employee pension contribution (CAS)	25%	Generally charged on gross salary
Employee health contribution (CASS)	10%	Generally charged on gross salary; separate threshold system for investments
Employer work-insurance contribution (CAM)	2.25%	Extra employer pension cost applies for uncommon or special work conditions
Standard VAT	21%	In force since 1 August 2025
Reduced VAT	11%	Applies to specified supplies
Corporate income tax	16%	Standard rate
Microenterprise revenue tax	Generally 1%	Available only when the 2026 eligibility conditions are met
High-value asset tax	0.9%	On the excess over statutory residential-property or vehicle thresholds
Individual net wealth tax	None generally	High-value asset and local property taxes still apply
Tax year	Calendar year	1 January–31 December
Declarația Unică deadline	25 May following the year	2026 income is normally reported by 25 May 2027
Tax authority	ANAF	Agenția Națională de Administrare Fiscală

Tax Residence in Romania

ANAF’s English-language residence guide explains that an individual can be Romanian tax resident where:

• their domicile is in Romania;
• their centre of vital interests is in Romania; or
• they are present in Romania for more than 183 days during any 12 consecutive months ending in the relevant calendar year.

The tests are not merely alternatives to be chosen by the taxpayer. Family, permanent home, employment, business, assets, insurance and social connections all help locate the centre of vital interests.

A Romanian resident is generally taxed on worldwide income, while a non-resident is taxed on specified Romanian-source income. Foreigners who cross or expect to cross the 183-day threshold generally have residency-questionnaire obligations. Romanian citizens leaving for a period exceeding 183 days can also have a departure questionnaire requirement. ANAF provides the official arrival and departure questionnaires and reviews the facts and any applicable treaty.

Where two states claim residence, the relevant double tax treaty commonly considers a permanent home, centre of vital interests, habitual abode and nationality. A valid foreign residence certificate is normally required before a Romanian payer can apply a treaty rate directly.

Remote work

Salary is generally sourced where work is physically performed. A Romanian resident working from Romania for a foreign company can have Romanian salary tax and social-security obligations even if payment remains offshore. The foreign employer may need Romanian payroll registration or the employee may have calculation and declaration duties, depending on the arrangement.

Within the EU/EEA or Switzerland, social-security coordination and an A1 certificate may keep the person in another country’s system. Tax residence alone does not determine contribution coverage.

Personal Income Tax and Salary

Romania generally taxes salary and many other ordinary income categories at 10%. Salary tax is applied after deductible compulsory employee contributions and any available personal deduction.

The standard employee charges are:

Charge	Rate	Usually borne by
Pension insurance (CAS)	25%	Employee
Health insurance (CASS)	10%	Employee
Income tax	10%	Employee, on taxable salary base
Work insurance (CAM)	2.25%	Employer

For normal working conditions there is generally no separate employer CAS contribution. Employers pay an additional 4% or 8% for uncommon or special working conditions, respectively.

Salary example

For a simple gross monthly salary of RON 10,000, ignoring special exemptions and deductions:

• CAS: RON 2,500;
• salary CASS: RON 1,000;
• income-tax base: RON 6,500;
• PIT at 10%: RON 650; and
• approximate net salary: RON 5,850.

The employer generally pays CAM of RON 225 in addition to gross salary. Benefits, meal vouchers, dependants, sector-specific facilities and contribution exemptions can change the result.

Romania has no general municipal income surtax or church tax. That simplicity should not be confused with a 10% total labour burden: employee CAS and CASS are much larger than PIT.

CASS on Investments and Other Non-Salary Income

Dividends, interest, securities gains, rent, intellectual-property income, agriculture and other specified non-salary sources are combined for determining whether a separate health contribution is due. Salary CASS does not necessarily exempt the person from this investment-income CASS.

For 2026 thresholds, the law uses the RON 4,050 minimum gross salary applicable at the reference date, even though the monthly minimum increased later in the year. ANAF’s 2026 guidance on non-salary CASS confirms the six-, twelve- and twenty-four-salary threshold method. The relevant bands are:

Combined annual qualifying income	CASS base	CASS due at 10%
Below RON 24,300	None mandatory under this threshold test	RON 0
RON 24,300–below RON 48,600	RON 24,300	RON 2,430
RON 48,600–below RON 97,200	RON 48,600	RON 4,860
RON 97,200 or more	RON 97,200	RON 9,720

CASS is based on the fixed threshold, not 10% of the full dividend or portfolio gain. Certain exempt income and taxpayer categories require separate treatment. The official Form 212 service should be checked for the taxpayer’s particular mix of income.

An investor can therefore owe no further dividend income tax because 16% was withheld, yet still need to file Declarația Unică and pay CASS.

Capital Gains on Shares, ETFs and Other Securities

Romania has two fundamentally different systems.

Transactions through a qualifying intermediary

The special withholding regime, amended for 2026 by Law 239/2025, can apply where transactions are made through:

• a Romanian-resident intermediary;
• a Romanian investment-management company or qualifying fund manager; or
• a non-resident intermediary operating through a Romanian permanent establishment with the required intermediary capacity.

For 2026, the intermediary withholds:

Holding period	Tax on each gain
At least 365 days, inclusive	3%
Less than 365 days	6%

The intermediary calculates gain and tax on each disposal. A loss on one trade does not reduce tax withheld on another profitable trade, and these losses are not normally carried forward within this regime. The withholding is final for income-tax purposes.

This can create a counterintuitive result: an investor who breaks even overall can still pay tax if some trades were profitable and others loss-making.

The intermediary determines acquisition cost and holding period under statutory ordering rules. Transferring a portfolio between brokers can complicate cost and acquisition-date data, so investors should ensure that historical records move with the assets.

Transactions outside the intermediary regime

Where the special regime does not apply — commonly with a foreign broker that has no qualifying Romanian permanent establishment — the investor generally calculates annual net gain and pays 16% from 2026.

Sale proceeds are reduced by documented acquisition cost and eligible direct transaction costs. Gains and losses are netted under the annual self-assessment rules, and qualifying annual losses can be carried forward subject to the current statutory source and time limitations.

The investor reports the result through Declarația Unică by 25 May following the year. For 2026 transactions, that normally means 25 May 2027.

Broker name is not the legal test

A global broker can serve a Romanian client through different entities. The trading app’s brand, a Romanian-language interface or access to the Bucharest Stock Exchange does not by itself prove that the 3%/6% system applies. The contracting entity and Romanian tax status must be checked.

No full long-term exemption

Holding for at least 365 days reduces the withholding rate to 3% only within the qualifying intermediary system. It does not create a general exemption, and it does not reduce the 16% rate for ordinary transactions outside that system.

The statutory wording in Law 239/2025 is the primary source for the new rates and mechanics. Taxpayers should additionally follow the current ANAF return instructions and intermediary statements.

ETFs and Investment Funds

Romania does not impose a general annual deemed-distribution tax on an ordinary accumulating ETF. Tax normally arises on a cash distribution, sale or redemption.

Accumulating ETFs

Income retained inside an accumulating ETF generally increases the unit value. The Romanian investor ordinarily recognises a securities gain when units are sold, under either the 3%/6% intermediary system or the 16% self-assessment system.

Distributing ETFs

Cash distributions are generally analysed under dividend or fund-distribution rules. From 2026, a distribution classified as a dividend is generally taxed at 16%. Source-country or fund-level withholding may also arise.

UCITS status does not create a personal tax exemption. An ETF domiciled in Ireland or Luxembourg can still be a foreign investment for Romanian reporting, while withholding suffered inside the fund is not normally the investor’s personal foreign-tax credit.

Fund redemptions, liquidation payments and returns of capital need classification from the fund documents rather than the broker’s short description.

Dividends

Dividends distributed from 1 January 2026 are generally taxed at 16%, increased from 10%. ANAF’s official notice on the dividend-rate change confirms the effective date and its application to individuals.

Romanian dividends

A Romanian company normally withholds the 16% tax and pays it to the state. The withholding is final for personal income tax, but the recipient must still include relevant dividends when testing the annual CASS thresholds.

Timing depends on distribution and payment rules. A dividend declared in one year but paid in another can be affected by special year-end withholding provisions, so the company documentation should be retained.

Foreign dividends

A Romanian resident declares gross foreign dividends and calculates Romanian tax. Foreign tax can generally be credited up to the lower of:

• tax actually paid abroad;
• tax permitted by the applicable treaty; and
• Romanian tax attributable to the same income.

Excess withholding is not an unlimited Romanian credit and may need to be reclaimed from the source country. A tax residence certificate and dividend statement support treaty relief.

Foreign dividends also count toward CASS thresholds even where the foreign-tax credit eliminates some or all Romanian dividend tax.

Interest

Contrary to the uncertainty in the original article, Romania’s general individual interest-income rate is confirmed at 10%.

Romanian banks and qualifying resident payers normally withhold 10% as final income tax. Interest includes ordinary deposits and can include bond, account or lending returns depending on the instrument.

A Romanian resident generally self-reports foreign interest and pays 10%, with foreign-tax credit relief limited by domestic law and the treaty. The gross amount, not merely net cash received, is the starting point.

Interest is included in the combined annual test for investment-income CASS. Thus a bank may have fully withheld the 10% income tax while the individual separately owes health insurance.

Cryptocurrency

From 2026, gains from transfers of virtual currency are taxed at 16% as income from other sources under Law 239/2025.

Taxable gain is the positive difference between sale proceeds and acquisition cost, including direct transaction costs. Individuals generally self-assess through Declarația Unică. The rules do not create the same 3%/6% holding-period treatment available for securities through qualifying intermediaries.

A narrow de minimis exemption applies where the gain on an individual transaction is below RON 200 and total gains during the tax year do not exceed RON 600. Both conditions matter. Splitting a disposal does not safely create an exemption where the annual limit is exceeded.

The statutory category focuses on positive gains. Crypto losses do not operate as a general securities-style loss pool and should not be deducted from shares, dividends, salary or unrelated crypto gains without a clear legal basis.

Crypto received from mining, staking, lending, employment, airdrops or business activity can require a different source, valuation and timing analysis. Crypto-to-crypto swaps, payment for goods and DeFi transactions need transaction-level review; the absence of a cash withdrawal does not prove that nothing reportable occurred.

Relevant crypto income also enters the CASS threshold test.

Foreign Currency and Records

Foreign investment income must be converted into Romanian lei under the rule applicable to that category. For amounts received in foreign currency, the exchange rate communicated by the National Bank of Romania for the last banking day before receipt is commonly relevant. Capital-gain computations can require rates tied to acquisition and disposal values.

Do not convert only the broker’s final annual euro or dollar profit at one year-end rate. Keep:

• purchase and sale confirmations;
• acquisition dates and cost basis;
• commissions and transaction fees;
• dividend and interest statements;
• foreign withholding certificates;
• exchange-rate evidence;
• legal identity of the broker entity;
• confirmation whether Romanian withholding was applied; and
• crypto exchange and wallet histories.

Reporting Foreign Investments

Romanian residents report worldwide taxable investment income. A foreign broker’s failure to send information to ANAF does not remove the obligation. ANAF’s Form 212 pre-completion guide specifically includes Romanian and foreign investment income within the declaration workflow.

Before filing, separate:

1. securities under final 3%/6% intermediary withholding;
2. securities requiring annual 16% self-assessment;
3. Romanian and foreign dividends;
4. Romanian and foreign interest;
5. virtual-currency gains; and
6. income relevant to the CASS threshold.

Income is generally disclosed by source country where the form requires it. Treaty credits need proof of foreign tax and residence. Automatic exchange systems and broker reporting can reveal accounts but do not calculate Romanian cost basis or CASS.

Declarația Unică — Form 212

Declarația Unică (Form 212) is the principal self-assessment return for non-salary income, including foreign investment income, non-intermediated securities gains, cryptocurrency, rent, independent activity and related social contributions.

The standard deadline is 25 May following the income year. Therefore:

• the 25 May 2026 deadline concerns income realised in 2025; and
• income realised in 2026 is generally reported and paid by 25 May 2027.

This distinction corrects a common ambiguity in articles labelled “2026 tax guide.” A temporary early-filing bonus offered for a specific prior-year return should not be presented as the permanent statutory deadline.

Filing process

1. Download annual statements and withholding confirmations.
2. Identify which intermediary regime applied to every account.
3. Calculate annual net gains for accounts outside final withholding.
4. Calculate foreign dividends, interest and tax credits.
5. Calculate virtual-currency gains separately.
6. Aggregate income relevant to the 6/12/24-salary CASS test.
7. Complete and submit Form 212 electronically through Spațiul Privat Virtual or the supported e-government channel.
8. Pay self-assessed tax and CASS by the deadline.

Tax already finally withheld is not paid again, but relevant income may still have CASS or disclosure consequences. The ANAF 2026 filing notice confirms 25 May 2026 for 2025 non-salary income.

Freelancers and Independent Activity

Independent net income is generally taxed at 10%, determined under the real system or, for eligible activities, an annual income norm. Expenses under the real system must be connected with the activity and documented.

CAS becomes mandatory when annual qualifying independent/IP income reaches 12 minimum salaries. For 2026:

Annual qualifying income	Minimum CAS calculation base
Below RON 48,600	No mandatory CAS under this test
RON 48,600–below RON 97,200	RON 48,600
RON 97,200 or more	RON 97,200

CAS is 25% of the chosen permitted base, which cannot be below the relevant threshold. Independent-activity CASS is generally 10% of net income, with minimum rules and a 2026 maximum base of 72 minimum salaries, or RON 291,600.

Registration, VAT, invoicing and advance obligations depend on the legal activity. Calling a contract “freelance” does not prevent employment reclassification where the independence criteria are not met.

Employee Investment Deduction

Employees can deduct qualifying amounts they personally pay to acquire shares, bonds or ETF participation certificates through Romanian-resident brokers, up to the RON equivalent of €400 per year, excluding transaction costs. The deduction appears as a separate payroll item in the official 2026 ANAF salary form specification.

This is a salary-tax deduction, not an investment account and not a €400 tax credit. The acquisition, broker and payroll/documentation conditions must be met. Later income from the investment remains subject to the ordinary securities or dividend rules.

Corporate and Microenterprise Tax

The standard corporate income-tax rate is 16%. Capital gains generally form part of taxable corporate profit, while participation exemption can apply to qualifying holdings of at least 10% maintained for at least one year in eligible Romanian or treaty-country companies. The consolidated Romanian Fiscal Code and implementing rules remain the controlling framework.

Qualifying Romanian microenterprises can pay 1% tax on revenue in 2026. The regime has a substantially reduced revenue ceiling of €100,000 and conditions concerning employees, ownership, filing and excluded activities. ANAF’s 2026 microenterprise guidance confirms the €100,000 ceiling and aggregation with linked enterprises. Exceeding the ceiling or failing a condition can move the company into 16% profit tax during the year.

Revenue tax is not always lower than profit tax, especially for low-margin businesses. Dividends distributed to an individual then generally suffer 16% withholding and can trigger personal CASS.

Larger companies can also face minimum turnover tax or sector-specific taxes. Incorporation should therefore be modelled across company tax, payroll, dividends and accounting cost rather than from the 1% headline.

VAT

Since 1 August 2025, Romania’s standard VAT rate is 21% and its principal reduced rate is 11%. ANAF’s official VAT-rate notice confirms both rates and the effective date. The former 19%, 9% and 5% headline structure should not be used for 2026 transactions.

The 11% rate applies only to specified supplies. Exemptions and zero rating continue for qualifying activities and cross-border transactions. Classification, invoicing and place-of-supply rules matter for digital services, EU business services, e-commerce and property.

Small enterprises can use the VAT exemption below the current statutory turnover threshold where conditions are met. Cross-border transactions can nevertheless require a special VAT registration even below that domestic threshold. ANAF maintains a dedicated EU small-enterprise VAT scheme page for cross-border cases.

Property Taxes and Real Estate

Local councils levy annual tax on buildings and land. The building rate depends on residential or non-residential use, valuation and local decision. Land tax is generally a fixed amount per square metre adjusted for locality rank and use.

The ordinary due dates are 31 March and 30 September in two instalments. Local councils can grant up to a 10% reduction for full advance payment by 31 March.

Transfers of Romanian real estate from personal patrimony are taxed through a notarial withholding mechanism under special rules based on value and holding period. They should not be placed automatically into the 16% securities framework.

Rental income is generally taxed at 10% on the statutory net base. CASS can apply when combined relevant non-salary income reaches the annual threshold. Short-term accommodation or systematic activity may follow different rules.

High-Value Asset Tax

From 2026, the special tax increased to 0.9% and applies to:

• the portion of the taxable value of residential buildings owned by individuals above RON 2,500,000; and
• the portion of the acquisition price of cars owned by individuals or companies above RON 375,000, generally for five years from acquisition.

The tax applies only to the excess over the threshold, not the asset’s full value. Filing uses the separately updated Form 216, whose 2026 version was issued by ANAF Order 917/2026, rather than the ordinary local property-tax return.

Romania otherwise has no general annual net wealth tax.

Inheritance and Gifts

Romania has no general inheritance or gift tax comparable to the broad regimes in France or Belgium. However, this does not make every transfer cost-free.

If an inheritance involving real estate is completed within two years of death, no transfer income tax generally applies. The Fiscal Code and implementing rules provide that completing the succession after two years triggers a 1% tax on the taxable inheritance estate. Notarial, land-register and administrative fees can also apply.

Gifts are generally not subject to a separate gift tax, but legal form, relationship, property-transfer documentation and anti-abuse rules matter. Cross-border assets can be taxed in another country.

Common Mistakes to Avoid

• Using the old 1%/3% securities rates instead of 3%/6% for 2026.
• Applying 3% merely because an ETF is listed in Romania without checking the contractual intermediary.
• Netting losses against gains inside the final-withholding system.
• Applying the long-holding 3% rate to a foreign broker outside that regime.
• Using the former 10% rate for 2026 dividends or cryptocurrency gains.
• Treating the confirmed 10% interest rate as unknown.
• Assuming final income-tax withholding also settles CASS.
• Calculating CASS as 10% of the entire portfolio income instead of using the statutory threshold base.
• Filing 2026 investment income by May 2026 rather than May 2027.
• Treating the €400 employee investment deduction as a tax credit or general account allowance.
• Applying 21% VAT to a transaction that qualifies for 11%, exemption or reverse charge.
• Ignoring the 0.9% high-value asset tax because Romania has no general wealth tax.

Key Dates

Item	Date
2026 tax year	1 January–31 December 2026
Form 212 for 2025 income	25 May 2026
Form 212 for 2026 income	25 May 2027
Local property-tax instalments	Generally 31 March and 30 September
Salary payroll reporting/payment	Generally by the 25th of the following month
Self-assessed investment tax and CASS	Same deadline as the applicable Form 212

Related Finorum Guides and Calculators

• Investing in Romania
• Romania net salary calculator
• Romania capital gains tax calculator
• ETF tax calculator
• Dividend tax calculator
• EU tax comparison map
• Cost of living comparison

Bottom Line

Romania’s 10% personal rate still makes labour and independent income comparatively lightly taxed at headline level, although social contributions are substantial. For investors, 2026 is less simple: the correct securities tax can be 3%, 6% or 16%, dividends and crypto are 16%, interest is 10%, and CASS can sit on top of all of them.

The decisive practical question is whether the account genuinely falls inside the Romanian intermediary withholding regime. Investors should verify the contracting broker entity, preserve acquisition dates and calculate CASS separately. A low withholding rate is valuable, but the inability to net losses can make the regime less favourable for active or volatile portfolios.

Disclaimer

This guide is for general educational information and does not constitute tax, legal, accounting or investment advice. Romanian treatment depends on residence, income source, intermediary status, asset classification, treaty documentation and individual circumstances. Rules and electronic forms can change. Confirm material decisions with ANAF or a qualified Romanian tax adviser.

Sources & References

Additional educational resources

• Anaf.ro — ANAF
• Declarația Unică (Form 212)
• EU small-enterprise VAT scheme page
• Form 212 pre-completion guide
• Static.anaf.ro — 2026 ANAF salary form specification
• 2026 guidance on non-salary CASS
• 2026 microenterprise guidance
• ANAF 2026 filing notice
• arrival and departure questionnaires
• English-language residence guide
• Fiscal Code and implementing rules
• Form 216
• Law 239/2025
• official notice on the dividend-rate change
• official VAT-rate notice
• Spațiul Privat Virtual