From: Exit Staff
From January 1, 2021, small businesses with an annual turnover of up to 14 million ALL, or about EUR 115,000 per year, will not pay profit tax.
The assembly approved in July the amendments to the law ‘On income tax’, which entered into force today.
Also, the assembly has approved the abolition of VAT for all small businesses with an annual turnover of up to 8 million ALL, or about EUR 64,000.
These two reliefs will be temporary, until 2029, and are aimed at helping small business after two shocks, the November 26 earthquake and the COVID-19 pandemic.
