The Ministry of Finance expects that the draft tax and customs policy for 2024 will be approved by the Cabinet in mid-June.
During the meeting on May 29, organized by the department with representatives of business and business associations, ministries and departments, trade unions and patronage organizations, Minister of Finance Veronica Sireteanu called on all interested parties to send their comments and proposals on the draft tax and customs policy by the deadline of June 5 to comply with the established calendar for the development of this document. According to her, the Ministry of Finance has reserved a place on the agenda of the government meeting on June 14 to approve the bill. During the meeting, specialists from the Ministry of Finance presented a general overview of the proposed amendments to the legislation. Business representatives (Amcham, FIA, EBA, Small Business Association, etc.) expressed their gratitude to the Ministry for the prompt preparation of the project, as well as for the fact that the Ministry of Finance took into account for the first time some of the initiatives that business has been promoting for a long time. At the same time, a number of shortcomings of the project were noted, for example, there are no provisions that promote electronic commerce; proposed adjustment of some aspects related to the application of VAT, tax on the return of goods, environmental fees; disagreement was expressed with the new interpretation of the concept of "dividends", etc. Representatives of trade unions negatively assessed the fact that personal and increased exemptions are not planned to be indexed again. The head of the Ministry of Finance, in turn, noted that the department will promote the gradual abandonment of exemptions in favor of individualized deductions, for example, as provided for in the current bill - deductions for recipients of mortgage loans (except Prima casa). Representatives of the Congress of Local Authorities (CALM) negatively assessed the proposal to increase from 360,000 to 720,000 lei the limits of taxable income, which allow individuals to enjoy personal exemption. According to them, this will reduce the revenues of local budgets. Recall that the bill provides for an expansion of the range of tax benefits that are offered to employers to support employees, as well as granting the right to deduct expenses incurred in their favor (for the purchase of sports subscriptions, for gifts in kind, for employee training, etc.). The categories of deductions for individuals provided in determining income tax will expand: expenses for contributions to facultative health insurance, payments on mortgage loans when buying a first home, etc.). It is planned to unify the income tax rates withheld from investment and financial income of individuals, setting them at 6%. The practice of setting excise rates for a 3-year period (2024-2026) will continue to ensure predictability for the business environment and budget revenue forecasting. Thus, the fee on excisable goods, including tobacco products, cider, some petroleum products, is planned to be increased by 7% annually in the next 3 years, with the exception of certain categories of goods, for example, liquefied gas, fuel oil, beer or alcohol. Herewith, from 2024, the list of excisable goods may be revised - it is proposed to exclude caviar, furs, perfumes and toilet water from this category. The bill provides for a change in the tax regime applicable to passenger cars by imposing VAT on a general basis, starting from January 1, 2025, with a gradual reduction in the excise duty rate. It is also planned to increase the limit of the customs value of luxury cars, which are subject to increased excise duty. // 29.05.2023 — InfoMarket
