Confindustria upholds VAT cut for machinery and equipment

Industry representatives in Albania have upholded the decision of the Parliamentary Committee of Economy for the cut of VAT for machineries and equipments, a decision taken based on the draft projects presented by Ministry of Finances.

According to Confindustria, the placement of VAT for machineries that are used in the production process, would be a severe blow to country’s and foreign investments.

They declared during a press conference that the cut of VAT has reduced the risks for a possible bankruptcy of ongoing investments in the industry sector due to the unpredictable increase of costs. If the VAT for machinery and equipment would continue to be 20%, Albanian products would not have the capacity to compete with foreign products and this would have a negative impact in country’s economy.