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IMF Recommends Tax Reforms For Moldova

by Ulrika Lomas, Tax-News.com, Brussels

24 July 2014


The International Monetary Fund (IMF) has recommended a number of measures to help Moldova reduce its fiscal deficit.

In its Article IV consultation report with the European country, the IMF urged authorities to improve revenue mobilization through fighting tax avoidance and evasion, including by addressing existing tax expenditures (under the corporate income tax, personal income tax, property/land tax, and value-added tax systems) and by resisting pressures to grant additional ad hoc tax benefits that erode the tax base.

The Fund also advised the Moldovan government to increase the excise tax on tobacco products into line with regional and European Union averages, which could raise revenue by 0.2 percent of gross domestic product (GDP). The report also said that updating values for the calculation of real estate tax would yield additional revenue equivalent to 0.1 percent of GDP.

The IMF encouraged the authorities to take steps to target a fiscal deficit of 2.25 percent for 2015, compared with the 2.6 percent objective set in the 2014 budget.

TAGS: tax | tax avoidance | gross domestic product (GDP) | budget | International Monetary Fund (IMF) | Moldova | Europe

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