Foreign investors ask the Government to solve their problems

The foreign investors in Moldova and the Government agreed to create a working group which will formulate solutions to the problems which occur in the entrepreneurial activity. During a meeting with PM Vasile Tarlev, the investors mentioned that the improvement of the legal-normative and tax framework should continue in order to create good conditions for attracting foreign capital to Moldova. The Foreign Investors Association of Moldova (FIA) has been asking for a long time the authorities to annul the restrictions on the purchase of agricultural land by the companies with foreign capital. FIA proposes in exchange concrete investment commitments and guarantees on the fulfilment of the investment programme. Also, there are discontents about the VAT refund which at the moment is allowed for only eight categories of VAT payers, the rest benefited only from the possibility to transfer for the next periods the sums in accounts. This fact is not complying with the international standards, according to which the VAT is refunded within a strictly delimited period. In what concerns the tax policy, the investors mentioned about the tax losses of the previous period and double imposing of the profit distributed to the dominant company. The 15% tax rate, considered the smallest in the region, is not corresponding to the real situation. In the context of the statements related to the European integration and trade preferences, the investors consider it is necessary to annul the national conformity certificates for the imports from the EU countries. FIA brings together the most important 16 foreign investors in Moldova, offering jobs to nearly 8,000 persons. Their total investments top USD 500 mln, or more than 50% of the total foreign direct investment.