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Meeting with Deputy Minister of Finance and First Deputy Governor of NBM

August 6, 2010

Deduction of interest payments as per the tax lawOn August 6, together with members of the Tax & Legal Committee, AmCham had a meeting with Mr. Victor Barbaneagra, Deputy Minister of Finance and Mr. Marin Molosag, First Deputy Governor of National Bank of Moldova.The discussion was focused on interest deduction for 2010 year (and future years), especially for credits / loans obtained from abroad. The discussion became actual once the Ministry of Finance proposed in the Fiscal Policy for 2011 to introduce interest deductibility limitation for financial institutions and microfinance organizations from abroad.According to the provisions in force, given that the rate of National Bank of Moldova in November 2009 was set at 5%, interest deductibility limit for 2010 is of only 5% (except for loans from financial institutions and microfinance organizations), which is a considerable problem, as the effective interest rates on loans from abroad may be much higher. This problem could be specifically felt after introduction of 10% income tax rate from 2012. In its recommendations on Fiscal Policy for 2011, AmCham has mentioned the importance of the interest deductibility subject for entire business society. As a reply, Ministry of Finance invited AmCham for a meeting in order to establish a new approach on interest deductibility for tax purposes. Following long discussions on possible alternatives, Ministry of Finance agreed to elaborate a new method of interest deductibility calculation, which will be presented to AmCham for review. AmCham Tax & Legal Committee is glad to conclude that its recommendations / initiatives are taken into consideration by the Ministry of Finance and is going to continue its cooperation further on.If you would like to be part of the Committee or have any questions concerning its activity, please contact Serghei Toncu, Project Manager, at 211 781 or sergheitoncu@amcham.md


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