Businesses that suffered damages from the November 26 earthquake will be compensated by paying less taxes, the Albanian government announced today.
The authorities said that all earthquake affected or destroyed goods and assets such as factories or machinery, would be recognized as deductible expenses.
Recognizing the damages as deductible expenses reduces the taxable base by making businesses pay less profit tax. In addition to compensating for earthquake damage, taxes have also adopted another change, affecting all businesses. According to the new directive, all businesses must submit their tax returns in the same format as they do to the National Business Center.
According to the assessment report conducted by the Albanian government in co-operation with international experts, the 26 November earthquake has caused over 150m euros in damages to businesses including factories, machinery or goods in their inventory.
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