Predictability in tax policy – retention of 10% profit tax in the next four years, tax benefits for exporters through a new VAT law, preferential rates of 5% for farmers and artisans and raising the VAT threshold to three million denars from 2022, announced the Minister of Finance Fatmir Besimi for the economy in his four-year term.
“To guarantee predictability in tax policy, with the profit tax remaining at the level of 10 percent throughout the period until 2024. To reconfigure the value added tax through a series of measures, starting with a new VAT Law that will provide tax benefits for export-oriented companies, a single 10% VAT rate for all restaurant services we are already working on intensively, revising VAT rates for raw materials for domestic producers and reduction of the VAT rate for agricultural producers and reduction of the VAT rate for raw materials for export-oriented companies, reduction from 18% to 5% of the tax for craft services. It is also planned to raise the threshold for VAT payment from 2 to 3 million denars annual turnover, starting from January 1, 2022 and equalization with the profit tax exemption threshold to 3 million denars annual turnover,” says Besimi.
He announces that the process of reducing para-fiscal duties to 75 percent of the current level and leveling them in accordance with the size of economic entities will begin, through dialogue with chambers of commerce.
For domestic and foreign companies, the minister announced direct support from the Government in the amount of 300 million euros.
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