OPINIE Marcel Murgoci, Estinvest: "Active investors will be more affected by the increase in the tax on capital gains to 10%"

Active investors, those who make frequent sales transactions, will be more affected by the increase in the capital gains tax to 10% than passive investors, says Marcel Murgoci, the chief operating officer of brokerage firm Estinvest.

The broker told us: "From the information we have so far (ed. Friday afternoon), we only know that the proposal is to increase the tax to 10%, instead of 1% or 3% at the moment, but we do not know whether it will return to the previous situation (ed. in 2023), when losses were offset by gains. We also do not have details on how the measure will be applied.”

Marcel Murgoci added: "It is clear that the tax increase affects investors. If implemented, the measure will probably apply starting January 1 (2026), so I assume that some investors will try, by the end of the year, to make some portfolio moves, through which they can take advantage of the current tax of 1% or 3%, if the operations are economically worthwhile. Basically, some tax optimizations."

The director of Estinvest pointed out that our market has gone through episodes of tax increases before. "I don't think the effect would be devastating. But the measure would be much "sweetened' if the losses were recognized. In any case, the change in capital gains taxation is a factor that must be taken into account in investment decisions. As for the increase in dividend tax, it is obvious that it will lead to lower net receipts for investors, thus "squeezing' the dividend yield. This could lead some investors to reassess their positions in certain issuers," said Marcel Murgoci.

The broker pointed out that investors also pay CASS (Health Insurance Social Contribution), so it can reach a 10% tax on capital gains, plus a 16% tax on dividends to which is added the 10% payment for CASS. "Here is a serious taxation," said Murgoci.

According to the broker, from the available information, it is clear that those who make short-term transactions, active investors, will be more affected by the tax increase to 10% (note on capital gains). "Long-term investors, who invest for the long term, will be affected only by the tax increase on dividends and in the event of possible sales," added Marcel Murgoci.

The director of Estinvest believes that the possible tax increase will not affect investors' appetite this year. "It is difficult to assess what will happen starting next year. After all, an investment is made in comparison with the opportunity of another investment. The tax increase reduces the yield, but if there are opportunities, investors will remain in the market, even if the tax is 10%, instead of 3%," said Murgoci.