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Fearing massive bankruptcies, small businesses warn of protests over VAT inclusion

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7 mins read
8 years ago
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TIRANA, March 13 – As a value added tax reform is about to enter into force next April, thousands of micro and small businesses fear their tax burden will sharply increase and fierce competition with supermarket chains already in the VAT system will take a majority of them to unavoidable bankruptcy. Some 10,000 micro and small businesses, mainly groceries and small coffee bars are expected to be included in the 20 percent VAT system starting April 1, 2018 when the VAT inclusion threshold on businesses is lowered to annual turnover of 2 million lek (about €15,000), down from a current…

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Story Highlights

  • The Small Business Association has warned of protests unless the government withdraws from its decision to apply VAT on all businesses with an annual turnover of more than 2 million lek (€15,000), claiming that 50,000 businesses risk closure

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