Approved by the Ministry of Finance of the Republic of Moldova of November 26, 1993 No. 8-02

The instruction about procedure for calculation and payment in the budget of tax on the income from insurance activity

This instruction is published based on the Law of the Republic of Moldova "About bases of the taxation system" of November 17, 1992, the Law "About the State Tax Service" of January 22, 1992 and the Presidential decree of the Republic of Moldova of October 18, 1993 N 168 "About the taxation of the income from insurance activity".

According to the above-named Decree the taxation objects is the income from insurance activity reduced by expense amount, provided in connection therewith by the Decree, received both in the territory of the Republic of Moldova, and beyond its limits.

The procedure for the taxation of the income from insurance activity becomes effective since November 1, 1993.

I. TAXPAYERS

1. Taxpayers on the income from insurance activity are the following legal entities:

a) the companies, the organizations (including the companies with foreign investments) (further "companies") which received in the State insurance supervision under the Ministry of Finance the license for the right to be engaged in insurance activity;

b) the insurance companies formed according to legislations of foreign states which through the permanent missions perform in accordance with the established procedure insurance activity in the Republic of Moldova.

II. DETERMINATION OF THE INCOME

2. The income of the company represents revenue amount from performance of works and services, realization of material values and results from non-operating transactions less tax amounts on value added on the turnovers assessed by this tax.

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