LAW OF THE REPUBLIC OF MOLDOVA

of April 23, 2020 No. 60

About organization of some measures of support of business activity and about modification of some regulations

The Parliament adopts this organic law.

Art. I. - For the purpose of support of workers and employers in the conditions of economic effects of epidemiological situation (COVID-19), and also agricultural producers, victims of natural disasters, to found the Program of subsidizing of interest rates and the Program of compensation of the VAT.

In value of articles I and I-1 agricultural producers, victims of natural disasters to consider the business entities who suffered losses more than 50 percent of agricultural products on the area at least 30 percent of total area of the lands which are in use and/or ownership as a result of the natural disasters taking place in 2020 that is established by the stating acts approved by the Commission on emergency situations.

Chapter I. Program of subsidizing of interest rates

Article 1. Subjects of the Program of subsidizing of interest rates

Subjects of the Program of subsidizing of interest rates are:

a) the companies which correspond to the criteria established for the Program of subsidizing of interest rates and obtain the bank and/or non-bank loans according to provisions of this Chapter;

b) the creditor - the bank licensed by National Bank of Moldova according to the legislation and/or the non-bank credit institution registered by the National commission on the financial market in the Register of the authorized non-bank credit institutions;

c) the financing party - the Government, in case of means of the Ministry of Finance which delegate to the State Tax Administration powers of subsidizing of interest rates for the non-bank loans granted bank non-bank according to provisions of this Chapter.

Article 2. Beneficiaries of the Program of subsidizing of interest rates

(1) Beneficiaries of the Program of subsidizing of interest rates are:

a) the companies which signed credit agreements during the period from May 1, 2020 to December 31, 2020;

b) agricultural producers, victims of natural disasters which signed agreements on the credits with banks, irrespective of date of their conclusion.

Article 3. Creditors

(1) Any authorized non-bank credit institution in the Republic of Moldova can grant the loans to beneficiaries of the Program of subsidizing of interest rates.

(2) Any bank licensed in the Republic of Moldova can grant the loans to beneficiaries of the Program of subsidizing of interest rates.

Article 4. Conditions of the Program of subsidizing of interest rates

(1) the Size of the monthly subsidy provided to beneficiaries is equal to the amount of the monthly interests paid on the credits, agreements on which are signed within the Program of subsidizing of interest rates.

(2) the Maximum amount of the credits/credits on which/which the subsidy is provided is equal to the total amount of the payments for compensation declared by beneficiaries in the State Tax Administration for September, 2019 - February, 2020 (further - the total amount of payments for compensation).

(3) If the credit amount exceeds the total amount of payments for compensation, the subsidy is provided in the amount of the amount of interest rate on the part of the credit equal to the total amount of payments for the compensation specified in part (2).

(4) the Maximum size of the annual nominal interest rate which is subject to subsidizing constitutes percent 8,76 in national currency and 4,40 of percent in foreign currency.

(5) Subsidy payment is performed based on the application of the beneficiary of the subsidizing submitted to the State Tax Administration. The application for provision of subsidy on the paid interest rate is submitted per every calendar month separately or in total for several months, the interest rates relating to the period of application of the Program of subsidizing.

(6) the Application is submitted until the end of the month following after month of completion of the program.

(7) the Applications submitted after provided in part (6) term, are not considered.

(8) Provision of subsidy is performed by the State Tax Administration and the State Treasury within five working days from the date of filing of application, from which:

- three days - for consideration of the statement by the State Tax Administration and the documents attached to it and decision making about provision of subsidy;

- one day - on creation and transfer for execution of payment documents by the State Tax Administration to the State Treasury;

- one day - on subsidy payment by the State Treasury.

(9) Exchange of information between creditors and the State Tax Administration for the purposes of program implementation of subsidizing of interest rates is performed according to the procedure, established by the State Tax Administration.

(10) loan interest rates which are subject of the support provided by intervention and payments Agency in the field of agricultural industry within submeasure "Stimulation of crediting of agricultural producers by commercial banks and non-bank financial institutions are not subsidized.

Article 5. Period of provision of subsidy

Subsidy payment according to provisions of this Chapter is performed for the percent paid till December, 2020 inclusive. For agricultural producers, victims of natural disasters, subsidy payment is performed for the percent paid since May 1, 2020 till December, 2020 inclusive.

Article 6. Subsidy taxation

The amount of the subsidies received according to this law represents income source, free from income tax.

Article 7. Procedure for provision of subsidy

The procedure for provision of the subsidy provided by this Chapter is established by the Ministry of Finance.

Chapter II. Program of compensation of the VAT

Article 8. Subjects of the Program of compensation of the VAT

Subjects of the Program of compensation of the VAT are the companies registered as the payer of the VAT which registered the VAT amounts which are deductible in subsequent period.

Article 9. Conditions of the Program of compensation of the VAT

(1) Subjects of the Program of compensation VATes have the right to compensation of the VAT amount which is deductible in subsequent period according to provisions of this Chapter.

(2) the smallest of the following amounts will be the Compensation amount of the VAT:

a) the VAT amount which is deductible in subsequent period, registered for the last tax period on the VAT;

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