Direct fiscal registration in Romania was used for the first time by an investment fund based in EU

The Bucharest Stock Exchange (BVB) announces the successful completion of the first direct fiscal registration in Romania by a foreign investor, an investment fund from Poland - Quercus TFI, which have chosen for direct registration without appointing a fiscal agent or representative.

The direct registration was made at the Public Finance Administration of the 2nd District and the registration certificate was released on February 11, 2015.

Thus, nonresident investors can use a tested process for the initial fiscal registration or can opt for fulfillment of tax obligations directly in Romania, if they are already fiscally registered.


BVB has been involved in recent months in a constant dialogue with fiscal authorities to clarify the procedural and technical issues related to direct registration in Romania. Given the novelty of the procedure, SC S&R Accounting Leader SRL has provided support to BVB and Quercus TFI for the successful conclusion of this process.

“We are glad that the changes on the Romanian market are investor friendly. Although more legislative changes are needed, the Romanian capital markets is on a favorable path and is offering attractive investment opportunities”, said Marek Buczak, Head of Foreign Markets, Quercus TFI.

Investors’ fiscal compliance is part of the project 8 Barriers impeding the creation of modern capital markets in Romania. The introduction of the direct fiscal registration and the simplification of the process, as well as the reduction of the time required for registration were among BVB’s priorities, with impact in attracting investors on the Romanian capital market.

The Fiscal Procedure Code was amended on June 23, 2014 by the Emergency Ordinance no. 40/2014 for the amendment and supplementation of certain pieces of legislation, as well as for the regulation of some fiscal measures. Thus the Government Ordinance no. 92/2003 regarding the Fiscal Procedure Code, republished, as amended and supplemented, contains the following provisions:

“Art 18 Agents
(4) The taxpayer with fiscal residence in Romania, which is required to submit declarations to tax authorities, must designate an agent with fiscal residence in Romania, to execute, on behalf of the taxpayer and from the taxpayer's property, the latter’s obligations to the tax authority.

(4^1) The provisions of para. (4) do not apply to:
a) taxpayers resident in a EU Member State;
b) taxpayers resident in a country that is part of an international legal instrument signed by Romania and which contains provisions on administrative cooperation in the field of taxation and recovery of tax claims. "


According to the clarifications received from the Ministry of Finance and the Fiscal Authority (ANAF) via letters no. 74442 / 10.24.2014 and 2180 / 26.01.2015:

? Exceptions to Article 18, paragraph (4^1) are primarily aimed at residents of EU Member States to which the Directive 2011/16/EU on administrative cooperation in the field of taxation and repealing Directive 77/799/EEC and Directive 2010/24/EU on mutual assistance for the recovery of claims relating to taxes, duties and other measures applies, as well as to persons who are resident in countries signatory to conventions, agreements and other  international legal instruments to which Romania is a party, if the documents contain provisions on administrative cooperation in the field of taxation and recovery of tax claims similar to those directives.

? According to legal provisions in force, taxpayers referred to in Article 18, paragraph (4^1), will register by filing and submitting the Return on tax registration form 010 or 030 at the fiscal authority within whose jurisdiction the act or fact is subject to the provisions of tax laws, according to art. 36 paragraph (1) of the Fiscal Procedure Code. 


BVB has developed a guide for the international investors, which includes clarification on the steps where they want to directly register in Romania for declaring gains from the transfer of securities. The guide, developed with the support of the National Agency for Fiscal Administration representatives and updated with the procedure in force, is available on our website at www.bvb.ro.