AmCham Calls for Tax Relief for Businesses and Tourism Sector

TIRANA, March 17

COVID-19 also referred to as the “novel coronavirus,” has already had a major local impact among citizens and businesses in Albania.
The American Chamber of Commerce in Albania (AmCham) urged the Government of Albania to develop an emergency plan in support of the business community to prevent a deep economic crisis from sapping the economic health of the country.

“We are in this together, and we must all work together to identify best solutions designed to minimize the long-term adverse effects on the business community and, more broadly, the national economy,” it was said in AmChams press release issued on Tuesday.

Moreover, it was added that this is not business as usual.
“Government policies should be tailored to match the extraordinary time we are living in,” it was added.
Hence the AmCham recommended the following measures to be taken immediately:

Postponing the timelines required for:
Financial Reporting
The filing and payment of the value-added tax (VAT), and;
The annual notification of controlled transactions
The elimination of all financial obligations for at least three months and businesses in the tourism sector for six months
The creation of an emergency fund that will allow quick access to capital (by way of grants or long-term loans) to help businesses cope with the negative effects of this period
Source: amcham.com.al