KPMG Moldova: Tax Newsflash, Issue 3

KPMG Moldova: Tax Newsflash, Issue 3

• 10.06.2015

Retroactive change of the entry into force period for certain changes brought to the Fiscal Code

On 5 June 2015, it was published in the Official Gazette no. 139-143, the Law No. 108 from 28.05.2015 amending and supplementing certain legislative documents.
Based on the aforementioned law, the entry into force of the amendments brought to the Fiscal Code and published on 28 April 2015, would apply retroactively starting with 1 January 2015.

Among the most important changes, we mention the following:

- The change of the maximum threshold for the applicability of the 7% personal income tax rate;
- The change of the annual exemptions granted to individuals in terms of personal income tax (including personal exemption, the exemption granted to the wife/husband, the exemption granted to dependents).
 
According to these changes, the taxpayers have to recalculate the individuals’ personal income tax for the period starting with 1 January 2015 up to date and the tax authorities would not apply fines or penalties for these corrections.

Read the information in Romanian

 

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.