Moldova Approved Draft Law on Fiscal Policy for 2013
OREANDA-NEWS. June 25, 2012. According to Finance Minister Veaceslav Negruta, the document stipulates the increase in excises on cars, oil products by 5% upon average to adjust them to inflation, the increase in excise on alcohol and application of a new formula of their calculation.
Starting from January, 1, 2013 a fixed component of the tipped cigarette excise is to be raised by 50% from 20 to 30 leis for 1 thou. cigarettes. It ad valorum component is to be raised from 24% to 30%. The 20% VAT on primary agricultural products is to replace the present lowered rate of 8% in 2013 in Moldova. The difference between the old and the new rates will be refunded by the state as direct subsidies.
The measures suggested are aimed at preventing distortions in the general fiscal system, simplifying the fiscal administration and supporting farmers. In 2013 Moldova will see the raise of natural gas VAT from 6% to 8% to accumulate additional funds in the state budget and the VAT flat reduced rate to simplify fiscal administration. The higher VAT on natural and liquefied gas is planned to replenish the budget with addition al 91 mln leis. In 2013 the rate of the royalty tax is to be reduced, the term of placing leased facilities under the customs regime are planned to be decreased from 7 to 3 years of financial leasing and to 1 year for operational one.
This will make local companies more competitive than the international ones. Incomes from the entrepreneurial license business are planned to be limited with 100 thou. leis. This measure is designed to diminish the role of the shady economy and lead to fair competition among economic agents.
The fiscal law for 2013 also provides annihilating exemption from VAT and customs duty imposed on imported fixed assets introduced into the authorized capital. A sum of the annual income taxable with 7% is to be increased from 25,2 thou. до 26,7 thou. leis. The annual personal exemption is to be raised from 8640 to 9120 leis, with the dependant exemption to be raised from 1920 до 2040 leis.