Romania, Europe’s third-poorest nation (GDP per capita), has amended its taxation rules in order to accommodate those taxpayers with cryptocurrency earnings, now setting the rate at 10%.
Income for cryptocurrencies is now regarded by the taxation authorities in Romania as “income from other sources” and are therefore taxable. It is a move very much in line with many other countries across Europe who have been re-examining their tax laws as they apply to cryptocurrency earnings.
According to a local daily Ziarul Financiar, who quoted tax consultant Adrian Benta, this means that only gains will be taxed as opposed to revenues. Gains from transactions below RON 200 (Romanian ron worth USD 50) won’t be taxable under the new laws, but any earnings above RON 600 (USD 150) per annum will be liable for the 10% tariff. Benta suggested that the new rate was fair:
“Before this, we had a more cumbersome procedure in which one had to register as freelancer if he was trading repeatedly. It is now treated as an extraordinary income from other sources.”
Under EU leadership, cryptocurrencies are still closely monitored by the Romanian authorities as all jurisdictions in Europe continue to regulate the industry. In the hope to further encourage cryptocurrency adoption throughout Romania, the country’s top exchange Coinflux added Ripple to its trading platform last year by popular demand from clients.
Coinflux facilitates users in trading across cryptocurrencies and also with fiat currencies like Leu or RON.
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