Fact Check: Romanians Will NOT Pay 70% Of Their Income In Taxes Starting In July 2024

Fact Check

  • by: Lead Stories Staff
Fact Check: Romanians Will NOT Pay 70% Of Their Income In Taxes Starting In July 2024 Lower Tax

Will Romanians have to pay 70 percent of their income in taxes starting July 1, 2024? No, that's not true: Currently, Romanians pay around 43 percent of their gross salary to the state. A recent tax code amendment starting in July 2024 requires people to pay a 70 percent tax rate only on revenue whose source cannot be identified.

The claim appeared in a video (archived here) on TikTok by @oanceasilviu.rednews.ro on February 25, 2024. The caption (translated from Romanian to English by Lead Stories staff) read:

70% of money in taxes; You pay 70% of your money in taxes

This is what the post looked like on TikTok at the time of writing:

Screenshot 2024-02-28 at 21.41.26.png

(Source: TikTok screenshot taken on Wed Feb 28 17:42:47 2024 UTC)

According to the newly updated Fiscal Code for 2024, the tax rate for declared income is 16 percent, but for revenues whose source is not identified (or, so-called "unjustified income") Law no. 296/2023, enacted on January 1, 2024 (archived here), states that a 70 percent tax rate may apply.

Romanian workers face some of Europe's highest income taxes according to an analysis conducted in 16 European countries by Romanian Business Leaders (archived here). According to the report, 43 percent of the average gross salary goes to taxes, and workers are left with 57 percent of their salary (net salary). Compulsory taxes include the 16 percent income tax and additional taxes used for pension and health care. One of the reasons why Romanian taxes are so high, the report says, is that social contributions to pensions and health care are not capped (archived here).


  Lead Stories Staff

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