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LOANS & CREDITS September 25, 2020

Moldova Tax Administration Modernization Project

WASHINGTON, September 25, 2020 - The World Bank’s Board of Executive Directors today approved the following project:

Moldova Tax Administration Modernization Project 

IBRD Loan: EUR 11,1 million ($12,58 million)

Term: 29,5 years (June 28, 2016 - Dec 15, 2045); Grace: 5 years (repayments start from June 15, 2021)

IDA Credit: SDR 5,3 million (equivalent of $7,42 million)

Maturity: 24,5 years (June 28, 2016 - Dec 15, 2040); Grace: 5 years (repayments start from June 15, 2021)

Project ID: P127734

Project Description: The updated Project objective is to support business survival and sustain employment in the context of the COVID-19 pandemic, through temporary tax relief, and improve taxpayer services in the Republic of Moldova.

The Project will provide funding as part of Results-based Financing to support the Government of Moldova activities aimed at i) increasing efficiency of the tax policy and tax administration, including strengthening the institutional capacity of the State Tax Service, and ii) mitigating of negative fiscal impact of the COVID-19 pandemic through implementation of Government programs on granting subsidies for salaries and VAT refund that will sustain business operations and employment levels in the context of COVID-19.

The Project will support the purchase of hardware and software, including tax administration modernization tools, operational and training equipment ensuring the modernization and continuity of State Tax Service business operations. The Project will also finance the development of new website for State Tax Service and conduct of taxpayer satisfaction surveys.

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