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.
Since in certain circumstances, extra wage income, including interest income, is subject to additional social security contributions ("CASS"), we come to your assistance and summarize below some information on this topic.
In the case of individuals, with certain exceptions,
if the amount of interest income received cumulated with other taxable 'extra wage' income earned in the year 2024 exceeds 6 gross minimum wages per country (3.300*6=19.800 RON), then:
- you have the obligation to submit the Single Declaration on income tax and social contributions due by individuals until May 25, 2025
- 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:
- 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
Note: As of tax year 2024, legislative changes have been made to the mechanism for taxing self-employment income. Thus, these incomes are no longer treated together with the other non-wage categories, but are treated separately, going on the principle of separate taxation of self-employment income.
CASS calculation basis for non-wage incomeobtained from 2024,
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 2024 = 11.500 lei
- dividends received in 2024 = 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 realized in 2024 cumulated from several categories of extra wage income, were between 6 and 12 gross minimum wages*, the CASS due will be 1,980 lei (Basis of calculation: 6 gross minimum wages, CASS due - 10% x 6 x 3,300 lei = 1,980 lei;).
Thus, in addition to the taxes withheld at source by the income payers for each category, namely tax on interest, tax on dividends and tax on gains from the transfer of securities, CASS will be due to the State Budget until May 25, 2025 and CASS in the amount of 1,980 lei.
*The CASS calculation basis for the extra wage income obtained is calculated differentiated according to the level of income taken into account for the determination of CASS. For the year 2024, for the calculation of the thresholds established by the law, the level of the minimum gross salary per country guaranteed in payment of 3,300 lei, as provided by Government Decision no. 900/2023 for the establishment of the minimum gross basic salary per country guaranteed in payment, is used.
For the fulfillment of its tax obligations, Banca Transilvania facilitates the access of its customers to information on the total interest income earned on deposits and savings accounts in the previous tax year.
So, you can request via BT Visual Help or at any BT branch a document containing the interest received in 2023 and, starting March 1, a document containing the interest received during 2024.
Note: Banca Transilvania and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational 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.
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