Govt Cuts Taxes for Specific Business Categories

Govt Cuts Taxes for Specific Business Categories

TIRANA, June 21

All businesses that have an annual turnover of less than Lek 14 million and those investing in the sectors of agrotourism and solar power will benefit tax cuts adopted by the Council of Ministers during its Wednesday’s meeting.
Hence, starting September, 56 percent of businesses in Albania will be excluded by the income tax. In the meantime, this tax will be deduced to 5percent for 28 percent of businesses and only 16 percent of businesses will pay a 15percent income tax.
The Council of Minister adopted a 5percent income tax rate for b businesses with an annual turnover lower than Lek 14 million. In the meantime, the new fiscal package includes tax exemptions for investments in the sectors of agrotourism and solar power.
The decision includes A six percent VAT rate for accommodation and other services provided by a licensed agrotourism subject.
Agrotourism is a priority sector that aims to develop tourism in rural areas and to support the production and trade of local products.

News Source: Prime Minister’s Office


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