The Romanian Brokers Association sent all members of the Parliament on Friday a series of proposals supporting changes to the draft Fiscal Code, calling for lower tazes on earnings obtained on the capital market. They say earnings from stocks held for more than a year should be taxed 1% and those from stocks held less than a year - 5%.

The alternative, they say, should be a minimum, single taxation level of less than 1%, even 0%, for a determined period of 4 to 5 years as it happens in other countries.

Association head Dan Paul told that a 16% tax on transactions with stocks held for less than a year was a recent one and way higher than the previous 1% tax. But even so – he says – his association requested the Finance Ministry not to change the Fiscal Code provisions in this regard.

For the time being, stock investors pay a 1% tax for earnings from the sale of stocks held for more than a year and a 16% for younger stocks. But proposed changes to the Fiscal Code abandon the 1% encouragement tax and sets a single tax of 16% for all stock transactions.