Expenses of companies paid by business payment card will be allowed to be deductible, and no tax invoice will need to be issued to confirm them.
The relevant amendments to the Tax Code and the Law on Accounting and Financial Reporting were approved by the parliament in second reading. According to the document, expenses paid through a bank payment business card, incurred for the needs of entrepreneurial activities that do not have documentary evidence, can be declared in the statements on the basis of a cash receipt, and the registration of a tax invoice for such expenses will not be required. At the same time, as clarified by one of the authors of the bill, MP Radu Marian, the current limits on deductions will not apply to ordinary and necessary expenses of the taxpayer, paid by corporate card. Today, the Tax Code stipulates that the deduction of undocumented ordinary and necessary expenses incurred by a taxpayer during a tax period is allowed only up to 0.2% of taxable income. These changes are expected to reduce bureaucratic hurdles for businesses when making purchases of small value, and companies will not have to fill out and issue tax invoices and sign them for small purchases and their payment by corporate card. The bill would also encourage the issuance of cashier's checks by individuals who are self-employed. The bill will take effect upon publication in Monitorul Oficial (the Official Journal of Moldova). // 03.06.2022 - InfoMarket.
