The Ministry of Finance has submitted a draft fiscal and customs policy for 2024 for public consultations.
The package of legislative changes provides for amendments to 16 laws and codes that are aimed at strengthening the potential of the business environment by supporting people - the main resource for creating added value at the national level. Indirectly, the proposed measures will support individuals working in organizations, increasing their resilience in the face of the ongoing challenges that Moldova faces. The draft also provides for the continued harmonization of national legislation with EU legislation, primarily in terms of VAT and excises, while the main efforts will be made through tax and customs policy for 2025. The bill provides for an annual increase of 7% excise rates on tobacco products and cartridges and sticks for electronic cigarettes, as well as the introduction of an excise tax on bottles for refilling cartridges and electronic cigarettes (excise taxes on finely cut tobacco for rolling cigarettes will remain unchanged). Also, excise taxes on petroleum products - gasoline, diesel fuel, liquefied gas - will increase by 7%, in accordance with the projected inflation growth, while the excise tax on fuel oil will not change compared to 2023. It is proposed to maintain excise taxes on beer, vermouth and ethyl alcohol, while the excise tax on cider will increase annually by 7%. The project provides for a phased reduction in the excise rate on cars (from January 1, 2025 - by 70%, by 80% - in 2026 and by 90% - in 2027) due to the fact that the import of cars will be subject to VAT on a universal basis. A toll is introduced for the use of roads by electric vehicles. It is proposed to increase from 360 thousand to 720 thousand the amount of taxable income that allows an individual to exercise the right to personal exemption in the amount of 27 thousand lei per year. The project provides for a reduction from 7% to 6% of the income tax rate subject to final withholding by banks, savings and loan associations, as well as issuers of securities - from interest paid to resident individuals. Also, income tax withheld from income received by individuals from government securities in the form of interest and/or capital gains will be reduced to 6% (from the current rate of 12%). It is proposed to expand the list of deductible business-related expenses: they will include in-kind expenses for the purchase of vouchers for employees and their minor children on the occasion of the Easter holidays, Christmas, March 8, birthday; expenses for professional development of employees, improvement of corporate culture and team spirit; sports subscriptions; expenses for medical services (within the limits of one salary in the economy forecast for the corresponding year) - all these expenses are collectively deductible only within 15% of the calculated difference between the payroll fund for the enterprise for the current year and the payroll fund for executives. In addition, the employer's expenses for facultative medical insurance will be deductible - within the limits of one monthly salary in the economy (now - only within 50% of the monthly salary in the economy); as well as expenses for compensation of expenses of an employee for alternative care for children under the age of 3 years - within the limits of 2500 lei per month per child (the deduction for these expenses cannot exceed 5% of the annual wage fund). From 2024, tax administration procedures will be simplified and specified; it is proposed to expand the list of payments that will not be considered royalties, namely, payments made for intellectual property objects created as part of the performance of labor / official duties; adjust some terms, for example, "dividends", etc. The developed bill does not yet contain clarifications regarding the financial and economic impact of the proposed measures. //22.05.2023 — InfoMarket.
