KPMG: Tax&Legal Newsflash, January 2009

KPMG: Tax&Legal Newsflash, January 2009

• 11.02.2009

Tax&Legal Newsflash January 2009 For more details in English, Romanian and Russian please check our KPMG Publications page. Minimum monthly salary increased From 1 January 2009, the minimum monthly salary is MDL 600. New Code of Administrative Offences passed A new Code of Administrative Offences has been adopted which will become effective from 31 May 2009. From this date, the former Code of Administrative Offences of 29 March 1985 will be void. National Bank lowers some interest rates The rates set by the National Bank of Moldova are as follows: · Basic rate for short-term operations – 12.5 percent per year · Overnight loans - 15.0 percent per year · Overnight deposits - 2.0 percent per year · Basic rate for long-term loans (over 5 years) - 10.5 percent per year. New form VEN08 (Corporate Income Tax Return) introduced The new form VEN08 (Corporate Income Tax Return) has been introduced, along with a procedure for its completion. This information is based on the legal provisions of Government Decree Nr.15 on adoption of the minimum monthly salary (19 January 2009), Presidential Decree Nr. 2046-IV on promulgation of the Code of Administrative Offences of the Republic of Moldova (29 December 2008), National Bank of Moldova Decree Nr. 6 on interest rates (15 January 2009), Government Decree Nr1498 on introduction of the form for the Corporate Income Tax Return (29 December 2008).

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.