The fiscal budget policy for 2023 faces critique from BNM

In a letter sent by the governor of the National Bank of Moldova, Octavian Armașu to the deputies, he expresses his indignation at some provisions of the fiscal budget policy for the year 2023, writes

Armașu expressed his dissatisfaction with the tax increase from 3 to 7% for interest on bank deposits. This would discourage citizens’ desire to save, worsen the financial balance sheets of banks, but also decrease the credits granted to the economy and increase the unnoticed economy, according to Armașu’s letter published by the Telegram channel INDEX.

At the same time, the governor of the NBM claims that excise taxes on tobacco and alcohol could lead to the concealment of real incomes by producers, respectively the reduction of budget receipts.

The head of the central bank also referred to the forecast of the Minister of Finance regarding economic growth.

“Economic growth is too optimistic. There is a major risk that the revenues forecast for 2023 is overstated. In the case of the mentioned risks, the risk of increasing the budget deficit also increases, which will increase with the increase of inflationary pressures”.


Regarding the increase in the interest tax on bank deposits, in the Rezoomat show from Rlive, the Minister of Finance, Dumitru Budianschi claimed that: “This measure can also stimulate the capital market. There must be an honest approach to taxation. In the discussion with all the actors that we had, taking into account several factors, the increase will not be at 12%, but at 7%. Thus we will keep a balance between advantages and disadvantages. We have to keep in mind that the taxation on VMS is 12% and it would have been good if the taxation of deposits was uniform. You cannot have a state with good services if nobody will pay taxes”.

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