President of Association of Auditors and Management Consultants from the Republic of Moldova, General Director of audit company „Ecofin-Audit-Service” SRL, editor in chief of "Fin-Consultant" magazine, economist, Mr. Ion Prisacaru has signed a new original book, which has recently appeared at the publishing house ”Gunivas” – “Return to roots”. 
In March 2012, Audit firm „Ecofin-Audit-Service” SRL, became partner – member, of international network Crowe Horwath International. 
On 02.02.2012, during the award ceremony for “Brand of the year - 2011” contest, Ecofin-Audit-Service Ltd was awarded the “Mercuriul de aur (Golden Mercury)” Grand Prix for the “Financial Institutions, Products and Services” category, Socially Responsible Brand Nomination. 
We continue to inform you about the news, amendments and modifications introduced in the legislation of the Republic of Moldova in September 2011.
Entrepreneurship
1. The widened access to the EU market was followed by a series of amendments and additions to the Government Decision No. 262 of March 7, 2008 "On export tariff-rate quota management in the European Union". Thus, it was increased the quantity of products subject to annual tariff quotas exempted from customs duties (wine, white sugar corn, barley, etc), admitted for export in the European Union. Also the access of the mentioned products to the European Union market was extended by 3 years (until the end of 2015). (Government Decision No.691 of September 20, 2011, Official Monitor of the Republic of Moldova No. 156-159 of September 23, 2011) .
2. The Government has approved the Regulation on the method of conducting a contest for selecting residents and investment projects for the industrial park and the Model-report on the work done in the industrial park. The Regulation on the method of conducting a contest for selecting residents and investment projects for the industrial park determines the manner and the main conditions to hold a contest with purpose to select the most appropriate economic agents for the right to become resident of the industrial park and of the investment project that is going to be carried out in the industrial park created under public assets or public-private partnership principles. The enterprise managing the industrial park is required to present quarterly and annually the Report on the work done in the industrial park to the Ministry of Economy. (Government Decision No.652 of September 1, 2011, Official Monitor of the Republic of Moldova No. 148-151 of September 9, 2011).
3. The National Commission of Financial Market has approved the Regulation on simultaneous activity of insurer/reinsurers. This Regulation establishes the manner of conducting simultaneous insurance/reinsurance activity by insurers/reinsurers in the "life insurance" and "general insurance" categories. According to the Regulation, the insurer with simultaneous activity must have management, operational divisions and personnel separately employed in the mentioned categories. It also needs a separate social capital, separated accounting records and records of expenses for the categories listed. Common expenses and indirect costs that cannot be attributed to any particular activity will be allocated according to the methodology and formulas presented by the insurer to the National Commission of Financial Market for approval. The insurer with simultaneous activity must adopt, until October 9, 2011, an action plan that will include the necessary measures to be undertaken to separate the two activities into distinct operational subdivisions within 6 months from the date of adoption of the plan. This action plan will be presented to the NCFM within 10 days from the date of adoption. NCFM will review the presented plan within 30 days and, if necessary, will require revision. (Decision of the National Commission of Financial Market No. 24/19 of June 24, 2011, Official Monitor of the Republic of Moldova No. 148-151 of September 9, 2011).
4. The National Commission of Financial Market has also issued the Decision on establishment of qualification criteria for an administrator of an insurer in process of insolvency. (Decision of the National Commission of Financial Market No. 25/4 of June 30, 2011, Official Monitor of the Republic of Moldova No. 148-151 of September 9, 2011).
Tax legislation
1. From January 2012, the provision of the Tax Code (letter a, par. 21 art. 187) will come into force according to which legal entities registered as VAT payers that serve the Main State Tax Inspectorate, State Tax Inspectorate of Chisinau municipality, State Tax Inspectorate of Balti and Tax Administration Department of Comrat within the State Tax Inspectorate under the Gagauz autonomous unit will be liable to submit tux returns by using automated methods of electronic reporting. In this regard, the Main State Tax Inspectorate issued an order in which it is said that connection of taxpayers to the "Electronic Declaration" services, as well as their further servicing will be free of charge during the period September-December 2011. Based on programming schedule, the mentioned tax inspectorates will notify taxpayers obliged to present electronic tax information reporting about the presentation at the SE "Fiscservinform" offices (company working as technical-technological administrator of the informational system of the State Tax Service) to sign the agreement on connection to "Electronic Declaration" services and get the electronic signature of authentication. Taxpayers that will be obliged to make electronic tax reporting as from January 1, 2012 will address for connecting to "Electronic Declaration" service from the moment of registration as VAT payers. Electronic tax information reporting will be presented by accessing the website www.servicii.fisc.md. The date of receipt of tax returns is considered the date communicated to the taxpayer by electronic confirmation receipt notifying its acceptance. (Order of the Main State Tax Inspectorate No. 698 as of August 22, 2011 Official Monitor of the Republic of Moldova No. 147 issued on September 6, 2011).
2. The Main State Tax Inspectorate approved the Regulation on refund of the additionally paid/deducted amounts afferent to income taxes to individuals that do not perform entrepreneurial activity. This Regulation establishes the mechanism of refunding income taxes to natural persons that are not engaged in business. According to this Regulation, on basis of taxpayer's request on income tax refund, it is adopted the decision without any control whether the following requirements are cumulatively fulfilled:
- individual requests to refund an amount not exceeding MDL 1000;
- the overpaid income tax amount determined by the tax body based on the information of the Information System of the STS and on the documents annexed to the request coincides with the income tax amount requested for refund by the taxpayer.
In all the other cases income tax refund will take place only after a fiscal control followed by a mandatory control act and decision. Upon the request of the applicant, refunded amounts are paid in cash or transferred to the individual's bank account. (Order of the Main State Tax Inspectorate No. 770 of September 14, 2001, Official Monitor of the Republic of Moldova No. 156-159 of September 23, 2011).
3. The Government amended and exposed in a new edition Annexes No. 1 and No. 2 to the Government Decision No. 246 as of April 8, 2010 "On application of zero rate VAT on delivery of goods, services rendered within the country and of tax and customs facilities for ongoing technical and investment assistance projects falling under international treaties to which Moldova is party" (Government Decision No. 643 of August 26, 2011 Official Monitor of the Republic of Moldova No. 148-151 issued on September 9, 2011).
Banks and banking activity
There were made amendments and completions in the Regulation on banks' investments in long-term assets, approved by Decision of the Council of Administration of the National Bank of Moldova No. 384 of December 23, 1999. These changes mainly relate to the peculiarities of reflecting fixed assets submitted in exchange for loans in bank's accountancy. The provisions of the Regulation will come into effect on January 1, 2012. (Decision of the National Bank of Moldova No. 174 of August 18, 2011, Official Monitor of the Republic of Moldova No. 160-163 of September 30, 2011).
Regulations in different fields
1. In order to minimize cases of smuggling, reduce the risk of undeclared goods passing the customs border and to provide state economic security, the Customs Service made completions in the Order No. 276-O of October 24, 2002 "On preparation of customs documents on customs clearance of goods from external economic transactions", establishing the requirement for economic agents to present documents certifying weighing of goods and means of transport (with indication of the total quantity) for customs clearance. (Order of the Customs Service No. 278-O of September 13, 2011, Official Monitor of the Republic of Moldova No. 160-163 of September 30, 2011).
2. In order to uniformly classify goods of the same kind and to identify them in accordance with the List of Goods the Customs Service has approved the Methodological norms on classification of certain categories of motor vehicles. The mentioned norms regulate classification of vehicles with tariff heading 8703 "Vehicles and motor vehicles mainly designed for passenger (other than those of heading 8702), inclusively "break" cars and racing cars and classification of cars at heading 8704 "Motor vehicles for transport of goods". (Order of the Customs Service No. 286-O as of September 19, 2011).
3. The Center for Combating Economic Crimes and Corruption amended and completed the Order CCECC No. 117 of November 20, 2007 on reporting of activities or transactions covered by the Law No. 190-XVI of July 26, 2007 on prevention and combat of money laundering and terrorism financing and Order CCECC No. 118 of November 20, 2007 on approval of the Guide of suspicious activities and transactions falling under the Law No. 190-XVI as of July 26, 2007 on prevention and combat of money laundering and terrorism financing. (Order of the Center for Combating Economic Crimes and Corruption No.114 as of August 22, 2011, Official Monitor of the Republic of Moldova No. 156-159 of September 23, 201).
4. Changes and completions have been made in the Regulation on manner of providing and paying housing services and public utilities for housing, meter installation in flats and terms for their disconnection/reconnection to the heating system and water supply, approved by the Government Decision No. 191 of February 19, 2002. As a result of the amendments, partial disconnection of apartments from the centralized heating system of the block of flats was banned. In case of integral disconnection of the apartment from the centralized heating system the consumer will be required to pay for the heating the amount of 20% of the cost for heat calculated for 1 square meter of the apartment instead of 5% as it was established before, taking into account the existence of normative losses of heat in technical rooms maintaining functionality of water supply and sanitation systems during the cold period, necessity to heat places of common use and impossibility to disconnect transient heating columns. If the apartment has already been disconnected from the centralized heating system, the consumer has to pay for heating 10% - starting with October 1, 2012 and 20% - as from October 1, 2013 of the cost heat calculated for 1 square meter of the apartment. To fully satisfy the request on integral disconnection of the apartment from the centralized heating system it became mandatory to equip it with another heating source to maintain the constant temperature in the room at the level of +180 C (previously it was +80 C). Another condition to be met for disconnection from the centralized heating system is the written consent of all the owners of apartments of the block of flats and a reconstruction project of the centralized heating system. (Government Decision No. 707 of September 20, 2011, Official Monitor of the Republic of Moldova No. 156-159 issued on September 23, 2011).
