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Government introduces “tax on greed”: Banks to be taxed according to Robor level

The government announced on Tuesday that a “tax on greed” will be applied to bank active stock as of January 1, 2019. Taxes will be different, according to Robor for 3 and 6 months and the government hoped to obtain an additional income of 3.6 billion lei next year.The announcement comes following the attack made by PSD president Liviu Dragnea against banks on Sunday. He accused them of not backing the economy an of establishing interest rates which must be paid by Romanians.

The tax is zero if the average Robor level for 3 and 6 months remains 1.5% or lower. The tax will be 0.2% if Robor for 3 and 6 months is between 1.5% and 2% and grows to 0.4% if Robor is between 2% and 2.5%.

The tax grows to 0.6% if Robor is between 2.5% and 3% and to 0.9% if Robor is between 3% and 3.5%. In case the quarterly Robor average exceeds by 2% the reference level, the 0.9% tax grows progressively by 0.3% for each 0.5% excess.