Higher bank taxes in 2027
Access to credit for individuals and businesses could be affected starting in 2027, as the income tax rate for financial institutions and insurance companies is set to increase from 12% to 18%. This measure, included in the new budgetary-fiscal policy, risks reducing the resources available for financing the economy, warns Diana Ilicciev, Chair of the Taxation Committee at the European Business Association (EBA Moldova).
The new tax rate will be applied temporarily throughout 2027 and targets the financial and insurance sectors. This adjustment represents a 50% increase in the tax rate, or six percentage points. Business representatives believe the repercussions could extend beyond the banking sector, as many companies rely on loans for both investments and ongoing operations. The impact of this new tax must be analyzed within the context of the entire economy—not merely from the perspective of the institutions that will pay the higher tax—explained Diana Ilicciev in the show "Banii" on Moldova 1.
"We must examine this increase in the income tax not only from the standpoint of banks, financial institutions, microfinance enterprises, and insurance companies. We need to look at the ripple effects throughout the economy. After all, it is well known that credit is the primary source of financing for the business sector, particularly for small and medium-sized enterprises," stated Diana Ilicciev.
According to the expert, a heavier tax burden could limit the capacity of financial institutions to grant loans. She noted that banks also face other financial obligations, including contributions to the Deposit Guarantee Fund. Furthermore, the cost of credit is also influenced by the base rate set by the National Bank of Moldova. "We foresee a potential reduction in the capacity of financial institutions to grant loans; however, it must be noted that banks also bear other charges imposed by the regulator—such as contributions to the Deposit Guarantee Fund—along with a range of other mandatory levies," explained the representative of EBA Moldova.
During consultations on fiscal policy, the European Business Association (EBA) requested that the 12% tax rate be maintained for financial institutions, including insurance companies and microfinance organizations. This proposal was not accepted; however, according to Diana Ilicciev, the Government has promised that the increase will only take effect in 2027.
This change is part of the 2027 budgetary-fiscal policy, through which the authorities expect to generate approximately 5.1 billion lei in additional state budget revenue.
