KPMG: Tax News Flash

KPMG: Tax News Flash

• 01.07.2008

Tax Newsflash January 2008 The Convention for the avoidance of double taxation with Kingdom of Spain has been ratified VAT zero rate on works of residential houses has been cancelled Voluntary procedure for registration as VAT payer has been established for capital investments For more details in English and Russian please check our KPMG Publications page. The Convention for the avoidance of double taxation with Kingdom of Spain has been ratified The Convention between the Government of Moldova and the Government of the Kingdom of Spain for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income and capital and the Protocol thereto has been ratified. The Convention will become effective once it is ratified by Spain. VAT zero rate on works of residential houses has been cancelled VAT zero rate on works on construction of residential houses, including those constructed using a mortgage loan, included in the social-economic projects of residential construction approved by central and local public authorities has been cancelled. Voluntary procedure for registration as VAT payer has been established for capital investments Business entities may register as VAT payers if the VAT amount paid for goods and services related to capital investments made after 1 January 2008 on the territory of Moldova (except for Chisinau and Balti), except for residential investments and investments in transport

KPMG Moldova

KPMG is a global network of professional firms providing Audit, Tax and Advisory services. KPMG operates in more than 155 countries and has over 174,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. In Romania, KPMG was founded in 1994 and now operates from six offices, in Bucharest, Timisoara, Cluj Napoca, Iasi, Constanta and in Chisinau (the Republic of Moldova) since 1997. The practice has more than 800 staff, including 18 Partners, both Romanian and expatriates from the Canada, France, Israel, Sweden etc.