KPMG: Tax&Legal Newsflash

KPMG: Tax&Legal Newsflash

• 17.04.2009

Tax&Legal Newsflash March 2009 Changes to the rules on the purchase of foreign currency by local companies Increase in the bank guarantee for deposits held by individuals For more details in English, Romanian and Russian please check our KPMG Publications page. Changes to the rules on the purchase of foreign currency by local companies Under the new regulations, within seven working days of the date of purchase of foreign currency, the company must use it or credit it to a card account if the currency was purchased to pay for the costs of business trips abroad. Foreign currency purchased and credited to the card account for these purposes must be used within 30 calendar days. If the company does not use the foreign currency to pay the costs of business trips abroad or does not sell the currency on the local currency market by the end of the specified terms, the bank must convert the money in the company|s account into Moldovan lei. A bank which sells or credits currency to the account of the company, transferred from another bank, must verify that it is used within the specified time period. If the company fails to use the currency for the intended purposes or to sell it on the local currency market within the specified time limits, the bank must inform the Center for Prevention of Economic Crimes and Corruption. Increase in the bank guarantee for deposits held by individuals With effect from 1 April 2009 the bank guarantee on deposits has been raised to MDL 6000 per individual depositor at each bank, regardless of the number of deposits held, or the currency they are denominated in. This information is based on the provisions of National Bank of Moldova Decree Nr. 54 (11 March 2009), and on Resolution of the Bank Deposits Guarantee Fund No. 88 (17 March 2009).

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.