CNVM (National Securities Commission) on Wednesday published on its own webpage a draft order regarding the enforcement guidelines for the tax on gains generated on the capital market, which came into effect starting July 1. The draft was drawn up together with the Finance Ministry.

According to the draft, investors will have to calculate the profit or loss at the end of each quarter and, should they post a profit, they will pay a 16% advance tax to the state. Also, at the end of each quarter, investors will receive from brokers a report on the trades conducted, which they will have to submit to fiscal authorities together with the tax statement.

At yearend, investors will also have to go to the tax authorities to submit annual statements on the basis of which the annual tax regularisation is operated.

Thus, investors will have to go the tax authorities at least five times a year, from only one until now.

CNVM (National Securities Commission) on Wednesday published on its own webpage a draft order regarding the enforcement guidelines for the tax on gains generated on the capital market, which came into effect starting July 1. The draft was drawn up together with the Finance Ministry.

According to the draft, investors will have to calculate the profit or loss at the end of each quarter and, should they post a profit, they will pay a 16% advance tax to the state. Also, at the end of each quarter, investors will receive from brokers a report on the trades conducted, which they will have to submit to fiscal authorities together with the tax statement.

At yearend, investors will also have to go to the tax authorities to submit annual statements on the basis of which the annual tax regularisation is operated.

Thus, investors will have to go the tax authorities at least five times a year, from only one until now.