Covid closures/ Parliament to discuss tax relief law for small business

22/09/2020 15:53

According to a new draft law, businesses with an annual turnover of up to 8 million ALL, which are also the most affected category by the Covid-19 pandemic crisis after the 3 months closure of the economy, will pay 0 tax on profit.

The government also says that in total 5311 small entities that will benefit from this fiscal facility, an initiative which has been approved by the Committee on Economy and will be voted in Parliament.
Currently, entities with a turnover of 5 to 8 million ALL pay a profit tax rate of 5%, while for those with a turnover of 0 to 5 million is 0 ALL per year.

Regarding the effects on the budget, according to the official draft, it is estimated that the losses for the state treasury will be in the amount of 400 million ALL per year.

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