In 2022, banks had slightly higher interest rates, and in 2023 they will be collected by depositors. Those with more money in the banks will suffer, in addition to the inflation that affects everyone, also the new state tax, that is, the reduction of the thresholds of the Single Declaration (self-employed, etc.).

Money – banknotesPhoto: Hotnews / Florin Barbuta

Changes to the Fiscal Code mean that if you exceed certain income limits, you will also have to pay a health care contribution. In this case, it is very easy to exceed 6 minimum salaries if you have a slightly larger deposit.

At the end of November, we gave the following example: for a deposit of 260,000 lei (about 52,800 euros at the exchange rate of that period), the profit is more than 18,000 lei (if we look at the highest interest rates in lei in the Market).

This means that if someone sold an apartment or received an inheritance and put the money in a bank deposit, he will have to submit a tax return and pay 10% CASS.

That is, he will pay both the 10% withheld at source (1,800 lei), to which is added another 1,800 lei from the health care contribution, because you have to submit the Unified Declaration. In this way, the state will keep 3,600 lei.

Obviously, we don’t know what the minimum wage will be in 2024 (depending on what the 6 minimum wage ceiling is – the calculation above is an estimate), but those who collect interest should keep some of the interest money that can be given to the government . This is due to the fact that changes to the Fiscal Code provide that the new limits will come into force from the income of 2023.

So if you’ve been enjoying a slightly higher interest rate that may not have been able to cover inflation, but is still better than nothing, then you’ll have to pay more money to the government.

Read also:

All the measures that come into effect from January 1 and affect your personal finances in 2023

Do you have rental income? What to do and know in 2023

The minimum wage will increase to 3,000 lei from January 1, 2023/ How much will the employee, as well as those engaged in construction and agriculture, take

What you need to know if you own or start a micro business in 2023: what has changed