Parliament approves fiscal policy for 2017 and state budget

Starting 2017, Moldovans can keep more money from salary. After a one year break, the state returns to practice raising the annual personal exemption from income tax, and the amount of income that is taxed at the minimum rate. The provisions are included in the fiscal policy draft for 2017, which was approved yesterday in final reading.

The annual income up to 31,000 lei will be taxed with 7%, and the income overpassing this amount will be taxed with 18%.

Since January 2017 the personal exemptions for income tax will increase by almost 500 lei, which will reach 10,600 lei a year. And those for each kept person will be increased by 84 lei, up to 2,340 lei.

It has also been established a single tax regime for taxation of income from activities related to justice. Thus, lawyers, notaries, bailiffs, legal experts, mediators or legal experts will pay 18% of what he earns.

Fiscal policy for 2017 comes with a simpler tax regime for physical entities working in trade. For this category, the tax will be one percentage of sales revenue, but not less than 3,000 lei.

Income tax for income obtained by physical entities from the rental of buildings, and farmland will be seven percent.

Excises on cigarettes were increased, and this means that they will get more expensive. And excise tax rates for alcoholic beverages and jewelry will be adjusted to inflation rate. For biofuel will be applied a VAT rate of 8 percent. The budgetary fiscal policy provides the extension to 2020 of tax incentives offered to IT sector. Residents of virtual IT parks will pay a flat rate of 7 percent of sales.

 

The deputies also approved the state budget in final lecture. The income will be bigger with 11% in comparison to 2016 and is over 32 billion lei. The foreseen expenses are of approximately 37 billion lei.

The deficit will exceed four billion. Among the state's priorities are repairing the roads, infrastructure development programs in agriculture and construction of housing for disadvantaged people. The state will allocate more money for child nutrition. In the past seven years of pro-European government, the state budget was voted before New Year. The document will enter into force on 1 January 2017.

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