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

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…