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Albanian PM to cut taxes for small businesses

Xinhua, November 17, 2015 Adjust font size:

Albanian Prime Minister Edi Rama announced here on Monday that the government would reduce the taxes for small businesses when speaking on the new fiscal package measures.

"Small businesses will benefit from the mitigation measures, which represent 85 percent of the business as a whole, consisting of categorized tax cuts," Rama said.

Rama underlined that all businesses with an annual turnover of up to 5 million lek (390,000 U.S. dollars) would not pay any tax. Meanwhile, every business with an annual turnover of 5 to 8 million lek remained subject to VAT, but the government would reduce taxable profits from 7.5 to 5 percent, he said.

Furthermore, Rama stated that the government had presented 12 new mitigating measures in order to enhance domestic production and to remove the tax on some products.

"Another mitigation for small business was the automatic refund of the VAT tax within 30 days," added Rama. Endit