1. What documents are required for accounting?
For full-fledged accounting, the following documents are required:
- Primary documents (invoices, delivery notes, certificates of completed work);
- Bank statements;
- Payroll documents (time sheets, payslips);
- Tax and fee documents (tax declarations, payment orders).
According to Law No. 287 of 2017 “On Accounting and Financial Reporting”, all legal entities are required to maintain accounting records and keep relevant documents for the legally established period.
2. How to calculate taxes for my business?
Tax calculation depends on the legal form and taxation system:
- Individual entrepreneurs (IE): pay income tax at a rate of 12% on taxable income.
- Limited Liability Companies (LLC): pay corporate income tax at a rate of 12%.
- IT park residents: pay a single tax of 7% on turnover, which includes all taxes and contributions.
For an accurate calculation of taxes, it is recommended to use the online calculator on the Intelcont.md website.
3. What expenses can be deducted to reduce the taxable base?
According to the tax legislation of Moldova, deductible expenses include:
- Expenses for rent and utilities;
- Expenses for wages and related taxes and contributions;
- Expenses for the purchase of goods and services necessary for core activities;
- Travel and representation expenses within the established limits.
It is important that all expenses are supported by appropriate documentation.
4. Do I need to register as a VAT payer?
Mandatory registration as a VAT payer is required if:
- Annual turnover exceeds 1.2 million lei;
- You are engaged in the import or export of goods and services.
Voluntary registration is possible if turnover is below this threshold, if it is beneficial for the business.
5. How long should accounting documents be kept?
According to the legislation, accounting documents must be kept for at least:
- Primary documents — 5 years;
- Tax declarations and calculations — 5 years;
- Financial statements — 5 years.
Documents can be stored in either paper or electronic form, provided their security and accessibility are ensured.
6. What fines are provided for violations of tax legislation?
Violations of tax legislation can lead to:
- Fines for late submission of declarations;
- Fines for understating the tax base or non-payment of taxes;
- Penalties for late payments.
The amount of fines depends on the nature and severity of the violation and can be substantial.
7. How to choose a reliable accountant or accounting company?
When choosing an accountant or accounting company, pay attention to:
- The presence of a license and relevant experience;
- Reviews and recommendations from clients;
- Specialization in your industry;
- Provision of a full range of services, including tax consulting and representation before tax authorities.
Intelcont.md offers professional accounting services tailored to the specifics of your business.
8. What are the features of accounting in the IT sector?
Companies that are residents of IT parks have the following features:
- Payment of a single tax of 7% of turnover, which replaces all other taxes and contributions;
- Simplified accounting practices;
- The possibility to apply International Financial Reporting Standards (IFRS).
This makes the IT sector attractive for doing business in Moldova.
9. What are the financial reporting requirements for small businesses?
Small businesses are required to:
- Maintain accounting records in accordance with national standards;
- Prepare annual financial statements;
- Submit reports to the tax authorities within the established deadlines.
Some small businesses may be exempt from mandatory audits if they meet certain criteria.
10. How to optimize taxation and reduce the tax burden?
To optimize taxation, it is recommended to:
- Use legal tax benefits and deductions;
- Plan transactions taking into account tax implications;
- Track all expenses related to the activity;
- Consult with professional accountants and tax advisors.
Intelcont.md offers tax planning services and optimization in accordance with the current legislation.
If you have additional questions or need a consultation, you can contact Intelcont specialists:
