The package of legislative amendments to support the famers was unanimously passed by Parliament in the first reading in the evening of July 30. It is not yet clear when the bill will be debated in the second reading given that the Government’s endorsement is needed for some of the bills from the package, while today, July 31, the MPs meet for the last time before the vacation, which will last until September, IPN reports.
One of the bills passed in the first reading envisions the application of the zero income tax for economic entities working in agriculture, regardless of the organizational form, during three consecutive fiscal periods, starting with January 1, 2015. The agricultural producers will have to calculate the income tax, but will not pay the calculated sums into the budget on condition that they use this money for investment purposes and for purchasing the resources needed for agricultural production, in accordance with the list approved by the Government.
Another bill refers to the agricultural loan. The agricultural loan is provided by the commercial banks in cooperation with the State Loan Guarantee Fund at a floating interest rate, calculated from the base rate set by the National Bank of Moldova, diminished by 5%.
A bill to amend the Law on the Implementation of the First and Second Titles of the Tax Code envisions a number of tax concessions for banks such as the reduction of the income tax owed to the budget by the amount failed to be collected as a result of the provision of preferential loans in the agricultural sector.
The bills from the agricultural package are aimed at stimulating business development and creation of a competitive and attractive environment that would encourage the farmers to carry out agricultural activities.
