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Economic agents of Moldova to be able to pay the income tax quarterly, basing on the sums of incomes received by them in a previous year

30 march 2012, 14:55 print out copy link The link has been copied to the Clipboard

This is stipulated by amendments to the Fiscal Code passed by the parliament in two readings at once. The initiative qas put forward by deputy of the Democratic Party Valeriu Guma. According to the fiscal policy approved for 2012, the 12% income tax was returned to be paid every quarter basing on the current-year income projected by economic agents. According to the law, if the project is over 20% wrong, taxpayers will be sanctioned. However, as Valeriu Guma notes, majority of economic entities, especially those operating seasonally, have complicacies in appraising their incomes in advance and pay the tax quarterly so that it would equal to one forth of the tax on income supposed to be received within the year since sums of the income may vary from quarter to quarter and can be known exactly until the year is over. Thus, according to the amendments passed on Friday, the income tax is to be calculated on the basis of the profit received in a previous year. It means that this year legal entitles will pay the income tax every quarter at an amount of one forth of the total sum of the 12% -rate tax levied on the income received in the past year. Taking into account that last year the zero rate of the income tax was valid, taxpayers were not interested in reducing their incomes. Thus, paying the income tax calculated on the basis of the last-year profit may increase the income tax in this financial year.

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