Tax and Legal Alert no.3/ 2019: Amendments to Tax Legislation and Other Normative Acts

Tax and Legal Alert no.3/ 2019: Amendments to Tax Legislation and Other Normative Acts

• 10.10.2019

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In brief
Laws significantly amending tax and customs legislation, and other normative acts have been published.

In detail - Income tax
Individuals whose taxable annual income (except for the income provided under Tax Code art. 901) exceeds MDL 360,000 will not be able to benefit from the personal allowance. Individuals who do benefit from the personal allowance will have to file a personal income tax return, by excluding respective allowance and recomputing of the due personal income tax. 
Resident and non-resident individuals who do not  perform entrepreneurial activities will have to recognise for tax purposes capital gains as 50% of the difference between the sale proceeds and the asset basis value. The withholding tax on payments made to individuals in accordance with art. 90 of the Tax Code has been increased from 7% to 12%. Lottery and / or sports betting winnings are to be considered non-taxable income only up to 1% of the personal allowance for each win.

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