Fees and commissions

For dealing transactions and operating positions with the Registry/Depositary, the Client owes the intermediary the fees specified in the appendix to the contract; these may be amended only by written agreement of the parties and include commissions, taxes, fees and other costs imposed by the RNSC and/or other public authorities or institutions of the capital or monetary market in connection to the execution, clearing and settlement of transactions on the respective market and are included in the final cost of the transaction.

In case there is no agreed commission for executing an instruction, the parties will establish the commission for the transaction before its execution or, on Client’s request, the intermediary will execute the transaction and subsequently the Client will be notified on the charged commission.

If the client authorizes the intermediary to provide individual portfolio management on discretionary basis, the amounts derived from interest rates provided by banking institutions will be determined by an administration contract, which will stipulate how such amounts will be divided.

If the company provides currency exchange services related to investment services and activities, will conclude an addendum to the contract that will stipulate the exchange rate and how the client can refuse this rate. For stock exchange transactions and to modified the position in Register/Depository, Client owes to financial services company the tax mentioned in the contract annex.

Gains tax for individuals:

According to Tax Code – Law no. 571/2003, amending and completing, calculation, tax gain from the transfer of securities is calculated as follows:

  • For Romanian individuals and Romanian residents, annual net income from transfer of securities is taxed with a rate of 16% based on the income statement.

Annual net income / net annual loss from the transfer of securities is determined as difference between gains and losses recorded during the year. Annual net income / loss is determined annually by the taxpayer based on the income statement.

Annual tax due is determined by the tax authority on the income statement by applying the rate of 16% on annual taxable net income. For gains / losses from transfer of securities, realized starting on 1 January 2013,including,  are not made  prepayment during the fiscal year, in the  account of the annual tax due. Taxable annual net income from the transfer of securities other than shares and securities for closed companies is determined as the difference between annual net income and losses carried over from previous fiscal years.

Annual net loss in trading securities, established by the annual tax statement, annual net earnings recover in the next 7 obtained in consecutive fiscal years.


The rules for carrying forward losses are: 

a. carry-over is done chronologically according to length loss in the next 7 consecutive years;

b. the right to repurchase is personal and non-transferable;

c. loss carried forward, unabated after expiration of the letter. a) represents the final loss of the taxpayer.


  • For romanian legal persons, the gain from the transfer of securities are part of its taxable income and is calculated in accordance with the provisions of the Tax Code – Law 571/2003 with subsequent amendments. The tax shall be paid by the entity, no retention is made by SSIF Vienna Investment Trust S.A.
  • In case of non-residents, taxation of gains on capital market by such persons will be subject to the provisions of the romanian Tax Code  – Law 571/2003 with subsequent amendments and the  Double Tax Avoidance Agreement from the country of origin of each non-residents.