Tax obligations

General tax considerations

  • The income tax rate for individuals on proceeds of the transfer of fund shares is 10%, regardless of the investment period.
  • For individuals, the income tax rate on proceeds from the transfer of fund shares registered until 31.12.2017 is 16%, regardless of the investment period (according to the provisions of the Fiscal Code as of 01.07.2010).
  • The annual net gain/loss resulting from the redemption of fund shares and the corresponding tax payable p.a. are determined only based on the ANNUAL statement submitted by taxpayers (as of 01.01.2013).

Portfolio statements

Portfolio statements are provided to investors by e-mail* together with an explanation of the subsequent actions investors need to take.

* Erste AM cannot be held responsible for amendments not notified by investors.


Portfolio statements show the corresponding Gain/Loss in the reporting period.

Gains/Losses are determined as

- the difference between (i) the redemption price and (ii) the purchase/subscription price, regardless of the investment period.

(i) The redemption price is the price owed to the investor upon (full or partial) withdrawal from the fund.

(ii) The purchase/subscription price is the price paid to purchase fund shares

Taxation history

1. Between 01.01.2009 and 31.12.2009: gains from the transfer of fund shares, outside the scope of taxation.

2. Between 01.01.2010 and 30.06.2010:

  • for investment periods less than 1 year, the tax rate was 16%, of which 1% withheld by the management company;
  • for investment periods over 1 year, the tax rate was 1% withheld by the management company.

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This is an advertising material. Previous performance of the Fund is not a guarantee of future results! Please read the prospectus and the key investor document (KIID) before investing in fund! The Prospectus and the key investor document (KID) are available in Romanian and English language on and may be obtained from the agencies/units pertaining to the Romanian Commercial Bank and from the premises of SAI Erste Asset Management S.A.