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New fines are being introduced for enterprises of Moldova that earn income by incorrectly reporting production costs.

New fines are being introduced for enterprises of Moldova that earn income by incorrectly reporting production costs.

This is provided for by relevant amendments to the Law on Entrepreneurship and Enterprises, which were passed by the Parliament in the second reading. The amendments stipulate that companies that derive income by misreporting production costs, sale prices of goods, the volume of construction work and fees for services rendered, thus failing to comply with the regulations governing the formation and application of prices in economic relations with the state authorities, shall be fined 10% to 20% of income received. The relevant income and the fines imposed are levied to the state budget on the basis of a decision made by the Chamber of Accounts or the administrative body of the financial inspectorate under the Ministry of Finance. Enterprises, to which sanctions are applied, may reduce the amount of fines by 50%, if within 3 working days from the date of delivery of the decision on the sanctions they will pay the full amount of income received and 50% of the fine. The draft law also stipulates that businesses which apply a commercial surcharge on socially important products in excess of the limit established by the relevant regulations shall be fined: from 10% to 20% of the excess income - for persons in a responsible position, and from 40% to 60% of the excess income - for businesses. According to the authors, in the current wording the sanction is qualified as exaggerated in relation to the public danger, taking into account the amount of damage caused. The fine is collected to the state budget by the decision of the State Tax Service or the body of administrative financial inspection under the Ministry of Finance. Persons holding responsible positions and enterprises on which penalties are imposed may reduce by 50% the amount of the fine chatged if they pay 50% of the fine amount within 3 working days from the date of delivery of the decision on the imposition of penalties. // 30.06.2023 – InfoMarket

News on the subject

Moldova to simplify the reporting system for companies and provide the National Bureau of Statistics (NBS) with access to information collected by other institutions.
Moldova to simplify the reporting system for companies and provide the National Bureau of Statistics (NBS) with access to information collected by other institutions.
Moldova will strengthen control over the quality of products sold and expand the list of non-food products subject to technical regulations in accordance with EU law.
Moldova will strengthen control over the quality of products sold and expand the list of non-food products subject to technical regulations in accordance with EU law.
Moldovan Parliament passed in the first reading the draft Law on Market Surveillance and Product Compliance to implement EU norms in this area.
Moldovan Parliament passed in the first reading the draft Law on Market Surveillance and Product Compliance to implement EU norms in this area.
Parliament passed in the second reading the bill aimed at the development of Contactless Business.
Parliament passed in the second reading the bill aimed at the development of Contactless Business.
Moldova will improve legislation on public-private partnerships and prohibit the transfer of profitable state-owned enterprises to concessions.
Moldova will improve legislation on public-private partnerships and prohibit the transfer of profitable state-owned enterprises to concessions.
The activities of the FEZs of Moldova will become more efficient, and unfair competition will be eliminated in the FEZs themselves.
The activities of the FEZs of Moldova will become more efficient, and unfair competition will be eliminated in the FEZs themselves.