Speaker of Parliament Andrian Candu said the act adopted by Parliament is misunderstood. He referred to the reactions of some of Moldova’s development partners to the law on voluntary declaration of property. In a news conference on August 1, when asked by journalists to comment on these reactions, the Speaker said the law was only adopted and not many could yet read and understand it, but some of the partners came with a very swift reaction, IPN reports.

Andrian Candu reiterated that the law on voluntary declaration of property is based on European rules,  mechanisms and principles that are aimed at preventing corruption, money laundering or terrorism financing. Voluntary declaration is a mechanism designed to diminish the underground economy. “Many states do this. Why shouldn’t the Republic of Moldova do this too given that everyone says that the underground economy in our country represents 40%? The state will lose nothing and will only gain,” he stated.

Last week, Parliament adopted a law providing that the private individuals will be able to declare the undeclared property or the property declared at a lower value by paying a tax of 3% of the sum, value or difference into the state budget until February 1, 2019. The law covers money, real estate, securities and shares and motor transport owned in the country and abroad.