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.
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