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Law on fiscal policy for 2018 discussed by the CNPM

A work group composed of members of the National Confederation of Employers of Moldova has met today, on the 14th of July in a meeting to discuss the Law on fiscal policy for 2018 proposed for approval by the Ministry of Finance.

Every amendment proposed was thoroughly analysed and the appeared proposals will be presented until the 17th of July 2017.

The most important stipulations to the fiscal policy for 2018 are the following:

-          the economic agents of the small and medium sector that provide services in management or consultancy and with an income of more than 70% for the previous fiscal period from the total of incomes will pay the income tax according to the general rules.

-          raising the income tax on individuals from the delivery of agricultural production to the economic agents - from 3% to 5%. This measure aims on ensuring fiscal equity towards citizens that realize incomes, besides salaries through equalization of tax rates to the standards established for individuals.

-          raising the excise rate for the excisable products establised in fixed sums (alcoholic beverages, oxygen, nitrogen, jewellery, tobacco or manufactured tobacco substitutes), through adjustment to the inflation rate forecasted for 2018 of 5%. Quotas will be established for a period of 3 years.

-     Ad valorem quota for cigarettes will be increased from 12% to 13%. Thus the fixed quota will grow from 460 lei to 540 lei/1000 cigarettes until 2020. Also starting with 2018 it is proposed a faster taxation of cigarettes without filter. For this category of tobacco the ad valorem of 3% component will be introduced. Also it is proposed a more accelerated rise of quota of the excise on diesel, thus to ensure reaching the European minimum level by 2024.

Representatives of the Ministry of Finance state that the respective draft law on one hand has to keep up with changes and evolutions of the society, especially with business environment, on the other hand has to cope with the challenges of the public finance field, such as increasing public spending in social, economic, educational fields, etc.