Entrepreneur Mircea Baciu has addressed an open letter to the Minister of Economy and Digitalization and the Minister of Finance, urging the government to consider applying a 0% VAT rate to investment‑gold transactions in the Republic of Moldova.

According to Baciu, the issue has become increasingly relevant due to high inflation, currency volatility, growing public interest in safe‑haven assets, the need to harmonize Moldova’s tax legislation with European Union practices, and the high level of dollarization in the economy.

He notes that Moldovans keep a large share of their savings in cash or real estate, while investment gold accounts for only about 2% of household portfolios. By contrast, in Romania investment gold represents 10–15% of savings, and a much larger share of capital circulates within the financial system.

Baciu emphasizes that internationally, investment gold is treated as a financial asset rather than a consumer good. EU Directive 2006/112/EC exempts investment gold from VAT, a practice also applied in Switzerland, the United Kingdom, the UAE and other major financial jurisdictions.

In Moldova, however, VAT on investment gold leads to higher transaction costs, reduced accessibility for the middle class, the migration of operations into the informal sector, and capital outflow to countries with neutral tax regimes. As a result, the state fails to achieve its strategic goals of developing the financial market and retaining capital domestically.

The entrepreneur argues that eliminating VAT would not reduce tax revenues, as profits of banks and dealers, personal income taxes, VAT on related services (storage, logistics, insurance), and regulatory fees would remain in place.

Baciu outlines three potential scenarios for market development if VAT is removed — from conservative to expanded growth — estimating an indirect fiscal effect between 3 and 15 million euros annually.

He concludes that applying a 0% VAT rate to investment gold would align Moldova with international standards, reduce dollarization, increase the share of capital within the financial system, and strengthen trust in state institutions. Baciu expresses hope that the proposal will be examined properly by the authorities.