Small Businesses Won’t Be Charged VAT

Small Businesses Won’t Be Charged VAT

TIRANA, October 24

Small businesses in Albania will not be charged VAT following the recent decision of the Albanian government that excludes from VAT all businesses with an annual turnover less than Lek 2 million. Previously, the government announced that all small business would be charged VAT, but the tax rate for these subjects would remain zero. This decision was opposed by representatives of businesses and international financial institutions such as the International Monetary Fund.
Therefore, Minister of Finance and Economy Arben Ahmetaj said on Tuesday that are about 70,000 businesses that currently are not charged VAT and only 9,000 will be included in the VAT scheme. The other 61,000 subjects that have an annual turnover less than 2 million will not be part of the scheme.

News Source: TCh

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