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Persons earning income from the transfer of virtual currency are obliged to declare this income and the income tax due is calculated by the taxpayer by applying the rate of 10% on the gain. The clarification is made by the National Tax Administration Agency, which has published an information material on the tax treatment of income earned by individuals from the transfer of virtual currency.
The introduction of rules for declaring and taxing income from cryptocurrency transactions has led to a collapse in the amounts declared, but also in the taxes collected by the state on these transactions, an Economedia analysis shows. Twenty-five times fewer taxpayers declared income from virtual currency transactions year-on-year, and state receipts fell 20-fold. In fact, only 1300 Romanians declared such income last year.
The National Tax Administration Agency has prepared and published a brochure on the tax treatment of income from virtual currency transfers, available on the website www.anaf.ro, in the Taxpayer Assistance section.
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Individuals earning income from the transfer of virtual currency are required to declare this income by completing and submitting the Single Declaration on Income Tax and Social Contributions due by Individuals – Chapter I. Data on the income realized at the competent tax body, for each tax year, up to and including 25 May of the year following the year of realization of the income, according to Art. 114 para. 2 letter m) of Law no. 227/2015 on the Tax Code with subsequent amendments and additions.
The brochure states that the income tax due on such income is calculated by the taxpayer by applying the rate of 10% on the gain realized, determined as the positive difference between the sale price and the purchase price, including direct costs related to the transaction.
Earnings below the level of 200 lei/transaction are not taxed, provided that the total earnings in a tax year do not exceed 600 lei.
The deadline for payment of income tax is the deadline for submission of the Single Return on income tax and social contributions due by individuals – Chapter I. Data on income earned.