The American Chamber of Commerce in Moldova is implementing a project entitled Civic Responsibility Enhancement via Social Message Initiative (CRESMI) funded by the U.S. Embassy to the Republic of Moldova. The project aims to contribute to the public interest of the Republic of Moldova and increase social awareness by promoting an amendment to current legislation on public service advertising, aligning the current legal framework to international practices, and raising awareness among beneficiaries.
Due to historical factors, the Republic of Moldova does not have a solid culture of public service advertising and faces an obsolete legal structure, discrepancies between the laws aimed to control public service advertising and lack of working tax facilities. In order to boost the qualitative and quantitative growth of the production and dissemination of public service advertising (or social messages), it is imperative to develop and implement a modern and appropriate regulatory legal framework, which in turn will stimulate corporate social responsibility.
The Foreign Account Tax Compliance Act (FATCA), enacted in 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act, is an important development in U.S. efforts to combat tax evasion by U.S. persons holding investments in offshore accounts.
Under FATCA, certain U.S. taxpayers holding financial assets outside the United States must report those assets to the IRS. In addition, FATCA will require foreign financial institutions to report directly to the IRS certain information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest.
AmCham Moldova is developing an 8-month project targeting at eliminating corruption and improving healthcare sector transparency policies, in order to provide accurate, faithful and objective information about pharmaceutical products, by fostering the implementation of an indispensable legal framework and raising awareness among pharmaceutical companies and healthcare professionals.
The project would both align the Moldovan legal framework with European practices, namely with Directive 2001/83/EC, which emphasizes the rules of pharmaceutical promotion, and increase the public awareness of consumers, doctors, and the pharmaceutical sector regarding this problem. Public awareness is also a handful tool to exercise the necessary influence on the lawmakers to promote the given regulatory framework.