The interest on bank deposits collected by private individuals will be exempted from income tax for one more year, IPN reports. The measure is aimed at ensuring the stability of the lending-banking market and at more thoroughly analyzing the possible implications of such a norm.
In a program on Radio Sputnik Moldova, Dorel Noroc, secretary of state at the Ministry of Finance, said that when the budgetary-fiscal policy started to be discussed, it was the second half of November and not much time remained for carrying out a detailed analysis on this segment. “It was hard for the banking system to adjust its software or to create mechanisms for paying this tax on each depositor in such a short period of time. It was thus decided to put off the measure for a year,” stated the official.
He also said that the structure of all the bank deposits will be analyzed in the first half of 2020 so as to identify that ceiling from which the tax will be applied. As a result, a formula will be proposed for not affecting the persons with low incomes, but this will enable the state to increase its budget revenues.
It was estimated that if the income tax is imposed on interest on bank deposits, about 120-140 million lei will be collected additionally.
