Tax burden will be reduced for a number of industries

12/23/19 14:22

Tax burden will be reduced for a number of industries

President signed amendments to Law on Corporate Income Tax

Tiraspol, December 23. /Novosti Pridnestrovya/. The PMR President signed the Law on Corporate Income Tax. In accordance with the new edition, the tax burden in the field of ferrous metallurgy, agricultural, construction-road and municipal engineering, automotive, glass and faience industries will be reduced. The corporate income tax rate will be reduced for these industries.

According to the Government, which has acted as the author of the law, this measure will stimulate business entities to open new industries on the territory of the Pridnestrovian Moldavian Republic.

“Reducing the tax burden for these individual types of activities will contribute to the development of industries in the relevant sectors, as well as an increase in the number of taxpayers. This will positively affect the total amount of tax payments to the budget of the republic, which will cover the amount of possible shortfalls in income tax. At the same time, a growing of the number of people employed in these types of industries is anticipated,” the explanatory note says.

The tax burden for these industries will be reduced from January 1, 2020.

 

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