OREANDA-NEWS. November 27, 2014. The concept of consolidated reporting and a mechanism of its application is to be developed by February 1, 2015 at Premier Iurie Leanca’s directive, the press service of the Economic Council under the Premiership informs.

The concept is expected to simplify the national system of financial and non-financial reporting; the system of consolidated reporting is supposed to combine and to merge into a single document statistical, fiscal, financial and other reports to avoid redundancy in information and in reports economic entities of Moldova have to submit to various authoritative and statistical bodies. Similar reports will be merged, for example, all social contributions and indirect taxes will be reflected in one and the same report.

Currently, both: the state and economic entities bear double cost to gather, process and store information of the same kind. The information is doubled for many institutions and the reporting system is so difficult that startup companies find it difficult to make the reports, having to spend extra money on hiring specialists or on automating the reporting process. Cost-effective and time-saving, the consolidated reporting system will reduce the administrative pressure on the private sector. The reform of the reporting system will facilitate the implementation of the Guillotine and the Plus One Minus

Two principles through elimination of some of the reports. The same concept has been introduced in France, Estonia and Finland. As for Moldova, the same practice is applied at the National Bureau of Statistics, where 6 statistical forms have been merged into 1. The responsibility to develop a mechanism for introducing the concept of the consolidated report has been imposed on a working group headed by the Secretary of the Economic Council and including representatives of the Ministries of Finance and Economy, officers of the Tax Department, the National Health Insurance Company, the National Bureau of Statistics and the E-governance Centre. The mechanism is supposed to be submitted to the Cabinet b February 1, 2015.