Romania: New fiscal code provisions were adopted and published - update


Note: This announcement, originally published on 21 October 2022, has been amended to reflect a clarification provided by Clearstream Banking's local depository in Romania.

The proposed amendments to the Romanian fiscal code previously described in Taxflash T22007, were approved by the Romanian government through Ordinance No. 16/2022, which was published in the Official Bulletin during the summer.

Clearstream Banking1 informs customers that effective

1 January 2023

all dividend payments by resident companies to both resident and non-resident shareholders (whether they are legal entities or natural persons) shall be subject to a withholding tax of 8% (formerly 5%).

It should be noted, that dividend payments made on or after 1 January 2023, on the basis of interim financial statements prepared in the course of 2022, remain subject to 5% withholding tax (rather than 8%) unless the annual financial statements for the 2022 financial year, approved according to the law, include a recalculation of such dividend payments. 

In addition, dividends paid to EEA country resident pension funds, as defined in the legislation of the relevant EEA country, will now be subject to a withholding tax of 8%. Formerly, such dividends were exempt from withholding tax.

Impact on customers

Residents of DTT countries continue to benefit from the service of relief at source through Clearstream banking, based on the new default tax rate of 8% - except for dividend payments made in connection with interim financial statements prepared throughout 2022, where the previous default tax rate of 5% still applies. Customers should refer to the Market Taxation Guide – Romania for further details.

Clearstream Banking is currently assessing if, and subject to which conditions, the implementation of double tax treaty rates will be supported with respect to dividends paid EEA resident pension funds and will provide further information as it becomes available.

Further information

For further information, please contact the Clearstream Banking Tax Help Desk, Clearstream Banking Client Services or your Relationship Officer.


1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking AG customers using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.