Friday, May 14, 2010

How does the 0 % income tax rate in Moldova work?


One of the topics that is very often discussed is the rate of the income tax for companies in Moldova. However, its applicability is often misunderstood. This is why I decided to dedicate today's post to the way the 0 % rate is applied.

The rate of 0 % is applied to incomes of companies that are Moldovan residents, individual entrepreneurs and farming entities (hereinafter - economic agents). 

However, this rate of the tax is less likely to bring the benefits that could be expected by some owners of small companies that are seen by them as one of the major sources of their personal incomes, as this tax rate is only applicable to the incomes of economic agents themselves. In case the net profits of the company is completely or partially distributed among its founders (shareholders)  in the form of dividends, than this company should pay the income tax at the rate of 15 % of the  amount of distributed profits.

So, the rate of 0 % should not be considered as an absolute exemption from the income tax. 

Moreover, even in cases when the 0 % rate is aplied that does not mean that companies are exempted from the obligation to ensure full accountability of all the incomes received. If a company fails to fulfill this fiscal obligation and declare all data on its incomes and if later on in the course of a fiscal inspection these incomes are revealed than an income tax of 15 % is applied to the difference between the incomes revealed and the incomes declared (and of course, certain penalties can be imposed additionally to that).

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