According to the legislation in force, the tax on the income obtained by individuals from the transfer of securities, realized through BT Capital Partners as intermediary, is calculated, withheld at source and transferred to the state budget by BT Capital Partners, the tax thus withheld being the final tax.
The tax rate differs, depending on the holding period of the securities, as follows:

(i) 1% of the gain realized on the transfer of securities which have been acquired and sold in a period of more than 365 days, inclusive;

(ii) 3% of the gain realized on the transfer of securities which have been acquired and sold in a period of less than 365 days.

Income realized from the holding and transfer of financial instruments evidencing the public debt of the State as well as of administrative-territorial units (e.g. government securities, municipal bonds) regardless of the market/trading venue where the transaction takes place, is non-taxable income.