Changes made to law on local public finances

Parliament set two quotas on deductions from the income tax of private individuals: 100% for the budgets of villages or communes and towns and 50% for the budgets of municipalities-district residences and the municipalities of Chisinau and Balti, out of the total volume collected on the territory of territorial-administrative units. The given changes to the law on public finances were given a first reading, IPN reports.

“Probably many of you know that the local autonomy is powerfully affected by the centralism of the government, which somehow tried to monopolize most of the real taxes,” said MP Igor Munteanu, one of the bill authors. According to him, the initiative is designed to strengthen the financial autonomy of the local public authorities by increasing the available incomes.

The MPs also voted changes providing that the deductions to the local budgets from the income taxes of private individuals will be performed according to the domicile of these individuals. Also, 50% of the revenues collected from the incomes taxes of legal entities will be classed as deductions intended for the local budgets.

It was estimated that the revenues of the local public authorities will increase by over 1.9 billion lei.

The amendments are to be given a final reading.

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