The Cabinet on Monday approved the draft budgetary-fiscal and customs policy for 2025. The draft law mainly adjusts the Fiscal Code and the Customs Code, but also comes with amendments to the normative acts related to them, IPN reports.
“The process of promoting and consulting the project was a complex one, and its approval was ensured during several consultation exercises, both in small groups with representatives of the business environment and in extended groups with all the stakeholders – business associations, central public authorities and the Congress of Local Public Authorities. About 400 proposals were examined,” said Minister of Finance Petru Rotaru.
According to him, the bill introduces the notion of “stock option plan” and “participation title”, which are part of an employee loyalty program. It also provides for the extension of the right to apply the accelerated depreciation method of investments for all categories of economic agents. Thus, all economic agents, in the first year of activity, if they have investments in fixed assets, can deduct 50% of their wear and tear.
The draft fiscal policy provides for the non-taxing of the income of resident individuals in the form of interest on state securities and bonds issued by local public authorities, and also of the income of prosumers of electricity from renewable sources obtained from the sale of electricity, but also for the augmentation of the personal exemption and the exemptions for dependent persons by 10%.
Other provisions are related to the remittance of the deduction of the amount paid by individuals for the purchase of the insurance premium based on insurance contracts for life, health, fire and other natural disasters. It is also provided for the deduction of expenses for the child’s education within the limit of an average salary in the economy.
“We also plan the revision of the conditions for presenting the UNIF report. Currently, each economic agent that has no more than three employees submits this declaration annually. We want this declaration to be submitted by all economic agents that have up to five employees. This will reduce the costs of accounting administration. As regards the income tax on real estate and land tax, the draft law proposes to extend the financial autonomy of local public authorities by streamlining the administration of the real estate tax, which is by granting the local public authorities the right to increase the tax up to 300%,” stated Petru Rotaru.
Two other proposed amendments aim to streamline the process of tax administration of the local tax and taxes for natural resources. The bill suggests changing the period for calculation of the tax liability from the quarterly to the half-yearly term. Also, the tax base of real estate subject to the wealth tax will be increased up to 200 average monthly salaries in the economy. At the same time, the term of validity of the authorization of special customs regimes will be extended until January 1, 2027.
The draft budgetary-fiscal and customs policy for 2025 is to be examined and adopted by Parliament.
