The State Budget Law for 2020 has been amended

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photo source: imagine simbol

Posted by: Ecaterina Arvintii

News / Economic

11 Sep. 2020 / 11:31

The State Budget Law for 2020 has been amended

With 59 votes, the Parliament of the Republic of Moldova approved, during today's plenary session, September 11, amendments to the State Budget Law for 2020 in the final reading. According to the changes, the budget deficit decreases by 1.2 billion lei, ie from 17.2 billion lei to 16 billion lei, which is 7.8% of Gross Domestic Product.

According to the bill, the basic factors that determined the changes are: adjustment of budgetary indicators based on adjusted forecasts of major macroeconomic indicators agreed with International Monetary Fund experts, the evolution of the national economy under the effects of COVID-19 pandemic, but also natural disasters; the need to identify additional resources for spending programs that are a priority at the moment, but also to review spending programs, based on the current execution and the capacities to capitalize on the approved allocations by the end of the year.

According to estimates, state budget revenues will amount to about 37.2 billion lei, a decrease of 649.5 million lei (or 1.7%) compared to the approved volume. The proposed changes contain both reductions and increases in revenue. Thus, the decreases in revenues amount to 905.1 million lei, and the main reductions are proposed for value added tax on imported goods, grants received from international organizations, receipts from the provision of paid services, taxes for foreign trade, excise duties on goods produced in the territory of the republic and excise duties on imported and other cars.

The income increases amount to 387.6 million lei and the main increases are proposed for: excise duties on imported goods, VAT on goods produced and services provided on the territory of the Republic of Moldova, single tax for park residents for information technology, but also for dividends to the share of the state in joint stock companies and the deductions from the net profit of the state enterprises.

At the same time, the refund of the value added tax was increased by 132 million lei, including 100 million lei for supplementing the VAT Reimbursement Program for farmers, which registers the VAT amounts for deduction.

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