On friday, in time of the final second reading, the Parliament of Moldova has approved the amendments to the current legislation, presupposing full amnesty of the capital, tax amnesty and fixing zero profit tax for economic agents.
As it was informed before, amendments to legislation focused at radical acceleration of the economic development of eth country, were accepted by the deputies by the initiative of eth president of the country Vladimir Voronin. According to the law, legalization of the capital relates to all its forms — from money resources up to real estate, shares of participation in business and securities. Legalization of the capital will be executed by voluntary declaration. Juridical persons will be able to legalize material and financial assets and individuals will be able to legalize monetary means for 5 % of the sum as well. It is presupposed that legalization of the capital will start with validation of the law and will be over on December, 31st, 2008. According to amendments to legislation, tax amnesty is planned to hold for all kinds of national taxes and duties. In particular, tax debts for January, 1st, 2007, penalties for their non-payments as well as tax obligations due to legal proceedings for January, 1st, 2007 will be cancelled. The arrests on assets of economic subjects will be cancelled as well as inspections of supervising bodies of the tax periods till January, 1st, 2008 will be restricted. Tax amnesty will be executed only for legal entities and individuals of residents of Moldova having tax relations with the budgetary system of Moldova and legalization of means can be executed by all Moldovan citizens. The law also presupposes introduction of zero rate of the profit tax if profit is re-invested. In case of distribution of income in form of dividends, payments to non-residents, individuals, non— levied income, payments to founders of individual enterprises or peasant households, farms, economic subjects should be levied at a rate of 15 %. In the president’s opinion, possible expected effects can be as follows: increase of capitalization of national economy; activation of investment process; decrease of inflation; shadow economy reduction; corruption prevention. Vladimir Voronin considers that supervising bodies will be able to release forces and means for analysis of current situation and offences’ prevention. In the experts’ opinion, the main effects of reforms will be improvement of the investment climate and increase of investment flows, as well as decrease of corruption in supervising tax bodies.