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Parliament of Moldova extends single enabling framework for tech companies and 7% tax cap until 2035
CHISINAU, Moldova, Dec. 22, 2023 /PRNewswire/ -- The Parliament of Moldova passed the Law on Information Technology Parks (No. 77/2016), and a new chapter is about to begin for the country's thriving technology sector. country. This historic decision will extend the operational period of the Moldova Innovation Technology Park ( MITP.md) from 10 to 20 years, maintaining the state guarantee for the 7% single tax until 2035 and affirming Moldova's commitment to fostering an IT environment solid.
Since its inception, MITP has been a catalyst for Moldova's burgeoning technology industry to reach 5% of the country's GDP. In 2023 alone, MITP witnessed the creation of more than 400 new businesses and 1,900 new jobs by its residents, contributing significantly to the national economy. The IT industry in Moldova, marked by the highest salaries in the national economy, is a testament to the vitality of the sector, and MITP plays a critical role in driving this growth.
The amendment promises to further strengthen the Park's ability to attract investment and foster technological innovation. "The extension is a clear indication of Moldova's dedication to the technology sector. It gives us the stability and confidence to invest and grow our operations here," shared George Teodorescu, Global Head of Risk and Compliance and Regional Director of Mixbook, representative of MITP's resident company.
Currently home to more than 1,600 IT companies, including more than 230 foreign-owned companies, MITP has been instrumental in turning Moldova into an attractive technology hub. The United States, Romania and Germany top the investment table, with significant contributions also coming from other parts of the world.
Natalia Donțu, administrator of MITP, commented on the amendment: "This is more than a legislative change; it is a strategic step to reinforce Moldova as one of the main destinations for high value-added products and services in the region. It aligns with our vision to foster an innovative ecosystem where each participant plays a crucial role in our collective growth and success.”
This move is expected to generate significant international interest, putting Moldova on the map as a competitive and innovative technology destination. It reflects the country's growing reputation as a hub of innovation and technology talent, poised to make significant contributions to the global IT landscape.
For more information, visit mitp.md and join us in determining the future of technology in Moldova.
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