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Interest Tax Regime

For individual customers who earned interest income, the bank calculated, withheld and paid to the State Budget the tax on interest, applying the rate of 10% or another tax rate provided by the Tax Code, in the case of non-resident customers.

In 2023, a number of changes have been made to the payment of the social security health contribution ("CASS") on non-wage income, including interest on bank deposits.

In this context, we come to your support and summarize below some information on this topic.

In the case of individuals, with certain exceptions, if the amount of interest income received combined with other 'non-wage' taxable income earned in 2023 exceeds 6 gross minimum wages per country (3.000*6=18.000 RON)then:

 

  • you are obliged to submit the Single Tax Return on income tax and social contributions owed by individuals by 25 May of the current year
  • you will pay in addition to the tax on interest, also CASS at the rate of 10% applied on the basis for determining CASS according to the ceilings of the Tax Code.
Non-wage income is all income received in addition to salary. According to the provisions of the Tax Code, the category of non-wage income includes, among others:

 

  • self-employment income
  • investment income(e.g. dividends, capital gains)
  • interest income on bank deposits
  • income from the transfer of goods, income from intellectual property rights, income from other sources
CASS calculation basis for non-wage income, obtained from 2023 onwards, is set according to the level of non-wage income taken into account for determining the CASS, as follows: 

 

  • income between 6 and 12 gross national minimum wages, the calculation basis is the level of 6 minimum wages;
  • incomes between 12 and 24 gross minimum wages per country, the calculation basis is the level of 12 minimum wages;
  • in the case of income above 24 gross minimum wages per country, the basis for calculating the CASS is 24 minimum wages.

Example:

  • interest received on bank deposits in 2023 = 11,500 lei
  • dividends received in 2023 = 2.500 lei
  • the gain from investments in open-ended investment funds = 6,300 lei
  • total earned extra income = 20. 300 lei

Since, in the above example, the extra wage income earned in 2023 cumulated from several categories of extra wage income, was between 6 and 12 gross minimum wages*, the CASS due will be 1,800 lei (Calculation basis - 6 gross minimum wages, CASS due - 10% x 6 x 3,000 lei = 1,800 lei;).

Thus, in addition to the taxes withheld at source by income payers for each category, namely tax on interest, tax on dividends and tax on the gain from the transfer of securities, the State Budget will be owed, until 25 May 2024 and CASS in the amount of 1,800 lei.

*The CASS calculation base for earned non-wage income is calculated differently depending on the level of income taken into account for the CASS calculation. For the year 2023, for the calculation of the thresholds established by law, the level of the minimum gross salary per country guaranteed in payment of 3,000 lei provided for in Government Decision no. 1,447/2022 for the establishment of the minimum gross salary per country guaranteed in payment is used.

In order to comply with its tax obligations, Banca Transilvania facilitates access to information on the total income received from interest on deposits and savings accounts in the previous tax year.

You can therefore request a document containing the interest received over the past year at any BT branch.


*Note: Banca Transilvania and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for information purposes only and is not intended to provide tax, legal or accounting advice. Further information can also be found on the ANAF website, or you can contact the tax authorities directly.