2025 Budget and Fiscal Policy Updates
Today, Parliament voted on the second reading of the 2025 budget and fiscal policy updates proposed by the Government. Among the key provisions are a 10% increase, up to 29,700 lei, in personal exemptions and those for dependents. Additionally, there could be up to a 300% increase in taxes for neglected buildings and uncultivated agricultural land for two consecutive years.
The spectrum of income exempt from taxes will also be expanded. This includes income from individuals selling a car they have owned for at least 3 years, interest income from state securities and bonds issued by local authorities, and income from the sale of electricity by individuals producing renewable energy and using a net metering/billing mechanism.
Other changes include simplifying the tax filing process for individuals and businesses, as well as introducing measures to combat tax evasion and fraud. These updates aim to create a fairer and more efficient tax system while promoting sustainable and renewable energy sources.
Fiscal Reporting Process for Micro Enterprises
The process of fiscal reporting for micro enterprises with up to five employees has been revised to streamline the reporting requirements and make it easier for small businesses to comply with tax regulations.
Tax Reforms and Customs Regulations
Proposals have been made to eliminate the tax for dog owners and adjust the rules governing advertising placement fees and fees for advertising devices. In the customs field, the project aims to extend the validity period of authorizations for special customs regimes until January 1, 2027, and to exempt goods placed under temporary admission customs regimes for technical and investment assistance projects or active improvement until December 31, 2026. Additionally, fines for customs declarations or accompanying documents with incorrect data will be reduced from 40% to 2% if the goods have undergone a full physical inspection and have been cleared by customs.
A total of 13 laws have been amended to ensure economic sustainability, according to the Government, while also simplifying the tax system for small businesses.
Economic and Investment Policies in the Context of European Integration
The Chief of the Parliamentary Committee for Economy, Budget, and Finance, Radu Marian, supports the budgetary, fiscal, and customs policy for 2025 which aims to stimulate both individuals and businesses. This policy is part of the Republic of Moldova’s efforts towards European integration.
