OREANDA-NEWS. March 22, 2012. The ministry of finance approved the initiative put forward by members of the Parliament which stipulate that a sum of the income tax on economic agents has to be calculated on the basis of the income received by them in a previous year, Veaceslav Negruta has said.

At present, according to fiscal changes which came into effect on January, 13, 2012, economic entities have themselves to project the income for a current year and pay the income tax every quarter basing on this project. However, if the project is 20% wrong a taxpayer will be sanctioned.

As the minister of finance has noted, the new legislative initiative to calculate the income tax on the basis of a profit for a previous year has to be passed at one of the next sittings of the Parliament so that to come into effect by the end of Q1, 2012. “By this we exclude the very idea to sanction taxpayers for wrong income projects”, - Veaceslav Negruta has stressed. Last autumn, when these fiscal regulations were discussed, a taxpayer was assumed to be given an option whether to pay the tax basing on the income of a previous year or to project the income for a current year and to pay the tax calculated on this basis.

However, following all discussion, the ultimate version of the document included the only one variant: to pay the tax basing on the previous year income. According to the minister of finance, since taxpayers had a zero rate of the income tax for three years and it would be painful for them to return to any other rate, this year it would be more logical to offer taxpayers two options: either to pay the tax on the basis of the income projected or on the basis of the previous year income, as it was stipulated in the initial version of the amendments to the Fiscal Code.