The government changes the law for exemption from VAT

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The Albanian government has made changes in the law for VAT exemption for businesses. In the last Council of Ministers meeting it was approved the addition of a new point in Article 8 in the law regarding the exemption of businesses from VAT.

The change foresees that every business that imports equipment or machinery that are exempted from VAT must submit a declaration that the purpose of the business is not to sell these imported equipments or machineries. The criteria to benefit from the law for exemption from VAT, relate to the cost of buying the equipments and the sector where the business operates.

In the past years, the most favored businesses have been those operating in the energy sector, companies that have constructed hydropower plants, ect. Other changes made in the law for exemption from VAT relate to the reduction of the list of equipments and machineries that can be exempted from VAT, based on the recommendations the IMF gave to the government related to this law.

News source: Scan TV