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New tax for the transfer of property
Starting with February 1st the method of determining the tax due for the income coming from transfer of property rights changes, as follows:
- for income resulting from the transfer of property rights for the construction of any kind and associated land, as well as the land of any kind without construction, amounting to 450,000 lei (aprox. 100,000 €), the Romanian state will not apply any tax;
- for the incomes resulting from transfers amounting to more than 450,000 lei (aprox. 100,000 €), the tax represents 3% of the difference between the value declared by the parties and the allowance of 450,000 lei.
The Romanian Government says that this decision intends to encourage the sales of real estate, which leads to a growing construction industry, oriented to construction of living houses.
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