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Government reimburses taxes for small business

2022-05-24 20:11:46Biznes SHKRUAR NGA REDAKSIA VOX
Government reimburses taxes for small business
Small business taxes are reimbursed

The Albanian government plans to reinstate taxes for small businesses. The draft that is still being discussed is expected to enter into force in January 2023.  

Small businesses with a turnover of up to 10 million ALL per year will be taxed at least 10% of their income. Exemption from this tax will be made only by those who are self-employed and receive a minimum wage of 40 thousand new lek per month, reports Euronews Albania.

Based on the area where small businesses will operate, the government will tax 40% of revenues for manufacturing activities, 20% for wholesale, 30% for retail and individual transport, 40% for bars and restaurants, 50 % artisans and 65% of income for independent activities or free professions.

Government reimburses taxes for small business

Who will receive up to 2.4 million income per year will be taxed 13%, 23% those who will realize 2 million 401 thousand ALL up to 24 million ALL per year and 28% persons over 24 million ALL per year.

If an artisan earns $ 60,000 a year, he will pay a 23% tax on $ 30,000 that is not considered an expense, or $ 6,900 a year.

The only two tax rates that will not change are the dividend taxed at 8% and large corporations at 15%.

There are about 50 thousand businesses that realize annual turnover of up to 10 million ALL per year, while 80 thousand individuals are counted as free professions.

In January last year, the government exempted small businesses with a turnover of up to 14 million ALL per year from profit tax and those with revenues up to 10 million from VAT.

Government reimburses taxes for small business

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