Tax-Free Stock Mkt Gains To Lower Romania Budget Rev In ’09 –Fin Min

The tax exemption for the Stock Exchange gains reported by the local and foreign investors will lower Romanian budget revenues by 68 million lei (EUR1=RON3.8720) in 2009, Ministry of Economy and Finance announced Friday.

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The Romanian investors will cause RON31 million loss to the budget revenue, while the foreign investors RON37 million worth of losses, as a result of the tax exemption for the Stock Exchange gains.

Minister of economy and finances Varujan Vosganian said on September 24, the gains resulted from trades on the stock exchange would no longer be subject to taxes as of 2009.

The measures aim to support the capital market by encouraging the Romanian and foreign investors to take part in the Bucharest Stock Exchange transactions, which is strongly affected by international financial turmoil.

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