ZERO TAX IN 2016 TO SUPPORT SMALL AND MEDIUM SIZE ENTERPRISES IN ALBANIA, NOVEMBER 2015 – GREECE REMAINS FIRST FOREIGN INVESTOR IN ALBANIA IN 2014 ACCOUNTING FOR 26% OF ALBANIAN FDI.

The Prime Minister of Albania Mr. Edi   Rama,  in his meeting, in November 2015 in Avlon, with representatives of small and medium-sized enterprises announced that  his Government plans for 2016 zero or reduced taxes for the SME’s operating in the country. More specifically, Mr. Rama announced the decision for a zero tax for more of 83.000 small enterprises registered in Albania with annual turnover up to 50 Mill. lek   (36.400,00€),  as well as the tax reduction from 7,5%  to  5%  for  about 16.000 enterprises with annual turnover from 50 to  80 Mill. lek   (36.400€ –   58.200€).

Moreover, the Albanian PM announced the restructuring of  tax Services during 2016, as for example, the central monitoring of control mechanisms, due to the operation of a high technology system that allows the data collection directly from the cash registers, while he also stressed the necessity of the steadfast compliance with existing legislation from the part of businessmen, who have  “a legal, in addition to moral obligation” to duly substantiate  all their purchases and to issue receipts for each sale.

According to a relevant document by the Office of the Economic and Commercial Affairs of the Greek Embassy in Tirana, based on latest information published by the Bank of Albania regarding Direct Foreign Investment, Greece maintains its status as the first foreign investor in the country. Specifically, with regard to the FDI stock in Albania, during the period 2007–2014, Greece (with the exception of  2011) holds the first place, with total invested capital €1.169,41 million representing 25,68% of the total FDI stock, which amounted the same period to €4,553,42 million.  In 2014, The total FDI in Albania increased by 9,66% and the Greek investments by  6,52% compared to  2013. Other important investors, besides Greece, are Canada (16,57%), Italy (11,56%), Netherlands (11,09%) Turkey (8,64%) and Austria (7,83%),  these six countries, accounting for  81,37% of the total FDI in Albania. Germany follows in the seventh place (2,82%) and Cyprus (2,56%) in the eighth.

Source: Office for Economic and Commercial Affairs, Embassy of Greece in Tirana, Office of the Prime Minister of Albania

 

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