Moldova's Parliament Extends Unique Tech Business Enabling Framework and 7% taxation ceiling up to 2035
CHISINAU, Moldova, Dec. 22, 2023 /PRNewswire/ -- Moldova's Parliament has passed the Law on Information Technology Parks (No.77/2016), a new chapter is set to begin for the nation's thriving technology sector. This landmark decision will extend the operational period of Moldova Innovation Technology Park (MITP.md) from 10 to 20 years, maintaining the state's guarantee for the 7% single tax until 2035 and affirming Moldova's commitment to fostering a robust IT environment.
Since its inception, MITP has been a catalyst for Moldova's burgeoning tech industry reaching 5% of country's GDP. In 2023 alone, MITP witnessed the creation of over 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 sector's vitality, with MITP playing a pivotal role in driving this growth.
The amendment promises to further bolster the Park's ability to attract investment and nurture tech innovation. "The extension is a clear indication of Moldova's dedication to the tech sector. It gives us the stability and confidence to invest and grow our operations here," shares George Teodorescu, Global Head of Risk & Compliance and Regional Director, Mixbook, a MITP resident company representative.
MITP, currently home to over 1,600 IT companies, including over 230 foreign-capital firms, has been instrumental in shaping Moldova into an attractive tech hub. The United States, Romania, and Germany lead the investment chart, with major contributions also coming from other parts of the world.
Natalia Donțu, Administrator of MITP, comments on the amendment, "This is more than a legislative change; it's a strategic move towards reinforcing Moldova as a top destination for high-value-added products and services in the region. It aligns with our vision to foster an innovative ecosystem where every participant plays a crucial role in our collective growth and success."
This move is expected to generate significant international interest, placing Moldova on the map as a competitive and innovative tech destination. It reflects the country's growing reputation as a hub for tech talent and innovation, poised to make significant contributions to the global IT landscape.
For more information, visit mitp.md and join us in shaping the future of technology in Moldova.
Photo - https://mma.prnewswire.com/media/2307079/MITP_md_Extends_Tech_Business.jpg
Share this article