New Draft Law to Remove Cash Registers from the Circulation by 2020

New Draft Law to Remove Cash Registers from the Circulation by 2020

TIRANA, August 2

A new draft law by the Ministry of Finance will change completely the way the businesses will function and report about their activity at the tax authorities. Starting from 1 January 2020, the fiscal cash registers will be removed completely, for businesses that have an annual turnover of more than Lek2 million, will be obliged to install a program, on their computers or smartphones, or even on the cash registers that have to enable that feature.

According to the new draft law, which will be open for public consultation, and is already applied in countries, such as: Italy and Croatia, the computer program will be connected to the fiscal printer and starting from 1 January of 2020, and every sale that is done from the business will be processed through it. Every sale transaction will be registered on the program, and the latter not only will print out the bill, as well as it will transmit on time the transaction at the tax servers.

Whereas, in 2021 the new program, will be applied for the sale transaction that businesses do with each other, those that are currently documented with a physical bill of value-added tax. At the same time, all of the businesses registered in Albania will be obliged to have an electronic firm device, which certifies every balance submission, or reports what the business does online.

The installment of this program will have an additional cost for the business. According to the Ministry of Finance, the new program will cost between €60-80 annually, whereas the device with the electronic firm, will cost Lek4.000 (or €33). The new system relieves the businesses from the fiscal cash registers, which could be substituted from the smartphone starting from next year.

Source/TopChannel.tv

Read also: Draft Law Predicts Businesses to Use Electronic Bills by 2021

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