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Moldovan parliament adopts budgetary, fiscal policy for 2024 year in first reading

15:31 | 30.06.2023 Category: Economic

Chisinau, 30 June /MOLDPRES/ - The parliament adopted the draft law on the amendment of more legislative acts, which are part of the budgetary and fiscal policy for 2024, in the first reading today.   

The head of the parliament’s commission for economy, budget and finances, Radu Marian, said that the policy had been presented so early in the budgetary calendar, thus giving the business environment and employers predictability in carrying out their work. At the same time, this will allow the full public discussion of the draft law with all actors interested, till the adoption in the final reading.       

The draft contains fiscal instruments for attracting and maintaining the qualified labour force; revising the mechanisms of calculating and payment of taxes and duties, in order to simplify and clear up the legislative framework – premises for discouraging the ‘’envelope salary’’ phenomenon, measures of improvement of the fiscal administration, etc. At the same time, other budgetary policy measures are meant to specify ambiguous situations present in the budgetary and fiscal legislation and to bring more clarity to its understanding and enforcement. Also, the draft is aimed at continuing the process of approximation of the national legislation to the European Union’s one, as a priority, as regards the value added tax (VAT) and excise duties.        

Among the measures contained in the document, there is the extension of the spectrum of fiscal stimuli and revising the categories of expenses borne by the employer in favour of employees, allowed for deduction on fiscal purposes. This will allow maintaining the qualified labour force, attracting new specialists, diversifying the social package provided to employees.     

The draft proposes to extend the categories of deductions for private people at the setting of the obligations related to the income tax with expenses related to the optional mandatory health insurance premiums or for the contracting of medical services, expenditures related to the premium based on the life insurance contract. Also, private people will be able to deduct the payments on the interests related to the mortgage loans, within the limit of the value of an average salary on the economy.      

Also, the document sees the standardization of the quotas of tax on the income of private people, retained for the investment and financial incomes, through their establishing at 6 per cent.  

At the same time, the document sees the maintenance of the rule to establish the rates of the excise duties for a period of three years, in order to ensure the fulfillment of the principle of predictability for the business environment, as well as for having a clear-cut forecast of the budget revenues. Thus, the tax on the products subjected to excise duties, including tobacco, cider, some oil products, is scheduled to increase by 7 per cent in the next three years, except for some categories of products, such as the liquefied gas, crude oil, beer or alcohol.      

To observe the commitments of adjusting the fiscal and customs legislation, the fiscal regime enforced for touring cars is changed, by their taxation with VAT, according to general principles, starting from 1 January 2025, with the gradual decrease of the excise duty’s quota.  

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