KPMG Tax Newsflash: Draft Changes to Fiscal Policy for 2017

KPMG Tax Newsflash: Draft Changes to Fiscal Policy for 2017

• 08.12.2016

Draft changes to fiscal policy for 2017

On 15 November 2016, a draft law on approval of tax, customs and budget policy for 2017 and improvement of tax, customs and budget legislation has been submitted for review and endorsement.
According to the draft, the following changes are proposed:

Businesses could apply a different tax reporting period from the calendar year, if they decide to apply a similar accounting treatment for their financial statements.

It is proposed to introduce the regulation of professional activity in the justice sector for attorneys, lawyers, public notaries, court executors, authorized administrators, mediators, court experts in judicial offices, as well as translators/ authorized interpreters. The proceeds of their activity will be taxed at a rate of 18% of the taxable income. Income must be reported by 25 March of the year which follows that in which the activity was carried out.

View the annex for more details in English and Romanian. For more issues please check our KPMG Publications page.

KPMG Moldova

KPMG is a global network of professional firms providing Audit, Tax and Advisory services. KPMG operates in more than 155 countries and has over 174,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. In Romania, KPMG was founded in 1994 and now operates from six offices, in Bucharest, Timisoara, Cluj Napoca, Iasi, Constanta and in Chisinau (the Republic of Moldova) since 1997. The practice has more than 800 staff, including 18 Partners, both Romanian and expatriates from the Canada, France, Israel, Sweden etc.