VAT for the HoReCa sector is to be set at 8%, while a taxation scheme will be elaborated for new professions, such as SMM specialists.
This was announced by Finance Minister Veronica Sireteanu at a meeting with the Alliance of Small and Medium Enterprises (AIM), where the draft fiscal policy for 2024, entrepreneurs' contribution to state budgets, as well as the ministry's plans to ease tax payments were discussed. The Minister emphasized that the Moldovan Tax Code, approved in 1997, is to be completely reformed. The ministry seeks to educate the taxpayer, motivating him/her to pay all taxes and fees. On the other hand, the taxpayer will be financially incentivized through a variety of incentives that are proposed to be promoted (incentives for voluntary health and life insurance, for renovation and repair of dwellings, for improving the general welfare of the taxpayer). Besides, the VAT rate for HoReCa industry, as requested by AIM, will be set at 8%. Veronica Sireteanu noted that further plans for reforming the tax system are related to the philosophy of "whitening" all commercial activities that generate tax and fee liabilities, through tax regulation of new income-generating professions, such as SMM-specialists (social media marketing) and freelancers. In addition, the Tax Code will have to differentiate the procedure for taxation of income of legal entities and individuals and reform the section of excise taxes and VAT. During the meeting with entrepreneurs, the need to change Section VII of the Tax Code related to local taxes and fees was also discussed: it is necessary to clarify the process of payment and the amount of local fees in order to reduce confusion and increase the predictability of their application and administration. Overall, it is planned to update and adapt the legislative framework to the new economic and professional realities in order to improve the business climate and promote sustainable development of the private sector. The panelists presented their views on advertising tax, unfair competition, tax limits and VAT exemption. During the meeting, AIM President David Smith spoke about the SME Code of Ethics, which will improve the relationship between authorities and entrepreneurs and serve as a basis for doing business in an honest and ethical manner. The meeting was organized with the support of the Center for International Private Enterprise and the Swiss Agency for Development and Cooperation (SDC) within the project "Optim Project - opportunities through technologies and innovation in Moldova", implemented by HELVETAS Swiss Intercooperation. //18.07.2023 - InfoMarket.
