From: Exit Staff
Chamber of Commerce Requests Temporary Tax Breaks for Businesses Damaged by Earthquake

The Durres Chamber of Commerce has requested a temporary exemption from taxation of businesses damaged by the 26 November earthquake.

The Chairman of the Durres Chamber of Commerce, Alban Isteri has proposed to the government eight demands aimed at improving the business climate in Durres and restoring damaged businesses.

These demands mainly relate to tax exemption, temporary suspension of loan payments and prompt VAT refunds.

  • Rapid assessment of damages to business premises and certification of buildings in order to resume work as safely as possible;
  • Fiscal relief for businesses, suspending all fiscal obligations for a period of three years, following the model of Italy, Greece, Turkey (income tax, social security, VAT, local taxes, etc.);
  • VAT refund for construction companies and inward processing companies;
  • Lobbying with banks through the Bank of Albania to suspend loan installment payments for a one-year period;
  • Lobbying with insurance companies through the Financial Supervisory Authority for quick disbursement of payments to covered businesses;
  • Suspension of activity and tax liabilities for damaged businesses during the state of emergency period;
  • Recognition of business donations as expenses, including donations that are not made to government accounts;
  • The government should organize an open business forum of Durres district businesses.

The opposition Democratic Party also requested similar relief measures for earthquake-hit businesses last week.