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Business closures hit record numbers of 50 a day in early 2018

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3 mins read
8 years ago
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TIRANA, Feb. 1 – The rate of business closures accelerated last January as more than 50 businesses a day, mainly small family-run ones closed down, hinting tougher competition amid poor consumption and a new upcoming hike in the tax burden. Data published by the country’s tax administration shows some 1,655 businesses switched to the passive status in January 2018, at an average rate of 53 businesses a day. As a rule, businesses switch to passive register in case of not operating or not submitting tax statements for 12 months or declaring the suspension of commercial operation with the National Business…

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Story Highlights

  • The increase in the number of businesses closing down comes as a new tax regime is expected to affect micro and small businesses in the next few months and a nationwide campaign against informality continues, often forcing businesses to close down their old tax IDs and open up new ones

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