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TAXCON 25 in search of budget balance

Lessons from Romania on how to overcome the situation in which the neighboring country found itself due to a high budget deficit was one of the key topics of the VI International Conference on Taxation TAXCON 25. Particular attention was drawn to the urgent tax measures taken by Romania to address the problem, among which the most painful for the population was the increase in VAT rates by 2%.
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TAXCON 25 in search of budget balance

The conference is organized by AmCham Moldova and takes place in Chisinau on 11-12 September. It has become one of the main discussion platforms where topical taxation issues are discussed. “The main topic is the harmonization of our legislation with EU directives,” says Veronica Sireteanu, former Minister of Finance of Moldova and Vice Director of AmCham Moldova. – First of all, on VAT and benefits. We are talking about how these changes will affect the competitiveness of our business. It is also important to understand how taxation is related to digitalization, how they work with each other and against each other as far as tax administration is concerned. We also tried to pay attention to Romania’s experience in tax transformation. Especially since the tax changes they have undertaken allow us to understand how to develop tax policy in such a way as not to come to a negative result. And if it happens, how to minimize its impact on society”.

In this sense, the speech of the former State Secretary of the Romanian Ministry of Public Finance, Alin Marius Andrieş, a professor at the Alexandru Ion Cusa University in Iaşi, Romania, who was responsible until recently for the administration of public debt, was important.

“Although budget revenues in Romania have been growing rapidly, expenditures have been exceeding them, so we see our challenge as not losing the much-needed balance,” says Cristina Ixari, state secretary at the Ministry of Finance. – In this context, the ministry will pay special attention to the issue of spending public funds and how efficient and prudent we are in the application of European funds. The Financial Inspectorate has an important task in this sense. We are preparing a new unit – a financial guard similar to the Italian one”.

This year, the organizers of TAXCON 25 included another important issue on the agenda – exchange of information between tax administrations of different countries. “Moldova has been part of this process since last year, so it is important for us to understand how such exchange will affect our business,” emphasizes Veronica Sireceanu. – Another topic, which has not been discussed so far at such events, is the appeal against the decisions of the tax authority. What opportunities our legislation provides, how effective they are and in what cases they can be used – this is the range of questions on this very important topic for business”.


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