Interest earned on bank deposits could be taxed at 12%
Interest earned on bank deposits could be taxed at 12%, according to a proposal included in the fiscal and customs policy document for 2023. The measure is needed to ensure a fair and equitable tax regime, explains the Ministry of Finance.
Experts admit the need for such regulation, but it is contraindicated in a year of crisis.
One of the measures included in the fiscal and customs policy project for 2023 refers to the unification of the income tax rate for banks. Thus, it is proposed to apply the income tax in the amount of 12% for the annual taxable income of up to one million lei, compared to 3% as it is currently and, respectively, 18% for the income of the taxable year that exceeds this amount.
The Minister of Finance, Dumitru Budeanschi, stated during the "Realitatea economica" show on Radio Moldova that now is the right time to apply this mechanism, as the population's incomes are higher. The measure is necessary to ensure a fair and equitable tax regime.
"To move in the direction of uniformity and ensure that income from any source is taxed the same, such a measure is needed. But at the same time, we have some constraints. This would generally tell us that we should come up with a lower interest rate, maybe not 12%. Now that the earnings are high from interest, it is precisely the time to increase the rate from this income, because it is a higher income and you can tax it more easily. When the incomes are lower, it is a greater constraint", said Dumitru Budeanschi.
Through its fiscal policy, the state must encourage the savings of the population, claims the economic expert, Veaceslav Ioniță. In his opinion, the introduction of the tax on dividends from banks is necessary, but it is done too suddenly, and this fact would generate negative effects.
"In the last two years, the population took nine billion lei more loans than they deposited in banks. Why did this happen? Due to low interest, last year, people took loans for consumption. As a result, the National Bank of Moldova fights enormously to encourage savings and reduce loans. I am for bank interest taxes to increase, I was for it to be introduced, but we believe that this particular year it is counterproductive to introduce this cost. I think we must leave it for a little later", said Veaceslav Ionița.
According to Veaceslav, the fiscal policy for 2023 must include well-thought-out measures that encourage legal trade, reduce product smuggling and allow businesses to develop.
