The private individuals who won realty that is larger than 120 square meters and whose estimated value, determined by the local cadastral bodies, exceeds 1.5 million lei will pay a property tax. Such provisions are contained in a bill to amend and supplement a number of legal acts and result from the budgetary-fiscal and customs policy for 2016, which was finalized by the Ministry of Finance, IPN reports.

In the March 9 meeting of the tripartite commission for collective negotiations, Minister of Finance Octavian Armasu said the estimated value of this property, determined by the local cadastral bodies, will represent the tax basis. If the property was mortgaged, the tax basis will be established from the positive difference between the estimated value of the property and the yet unpaid sum.

The property tax will be paid into the state budget by December 25 each year. According to the minister, this tax will help improve fiscal equality and will increase fiscal responsibility. The property tax was also introduced with the aim of collecting new incomes into the state budget.

However, most of the taxpayers will not pay this tax as the legislation stipulates a non-taxable minimum for the owned property. Under Article 283 of the Fiscal Code, this minimum is 380,000 lei in Chisinau, 156,000 lei in Balti, 53,000 lei in Anenii Noi, 84,000 lei in Drochia, etc.