The law on capital liberalization and tax stimulation will not be passed in the final reading until it is not appraised by the International Monetary Fund, the World Bank and European organizations, Speaker of Parliament Andrian Candu stated in a joint interview for Radio Free Europe and RTR Moldova TV channel, IPN reports.
Asked about the hurry in which a number of bills are adopted now that President Timofti’s term in office comes to an end, Andrian Candu said he sees no connection here and would rather tie the hurry to the election campaign and elections. “We hurry because we are approaching a new financial year. It’s good to enter the new budgetary year with a budget,” stated the official, adding that the fiscal policy should take effect on January 1 so that the businessmen have predictability.
As to the law on capital liberalization and tax stimulation, the Speaker said this consists of two parts. “Tax stimulation is when we encourage the enterprises and companies to pay their debts so that they are forgiven fines and delay penalties. But the law refers mainly to the liberalization of capital. It’s not a secret that the underground economy represents over 30% of the Gross Domestic Product in the Republic of Moldova. The liberalization of capital is one of the instruments,” he stated.
According to Andrian Candu, the experience of other states shows that this is one of the most efficient instruments for reducing the underground economy. “I note again, as I did it in Parliament, that the law will clearly specify, including by subsidiary legislation, that all those who are party to fraud, either it is a banking fraud, illegal economic activity, money laundering or terrorism financing, will benefit from no exception and will not be absolved of responsibility by this law,” said the Speaker.
Andrian Candu considers the people should realize that it is an intention to make the shadow economy ‘white’ so as to increase the tax basis and collect the necessary amounts as taxes into the budget.
