Free professions ain't pay the VAT anymore in Albania

Free professions ain't pay the VAT anymore in Albania

 An important decision has been taken today by the government regarding free professions.

According to the decision of the Council of Ministers, some of these professions will not pay the VAT.

In the amendments to the Law on Value Added Tax in the Republic of Albania, it is clarified that free professions such as lawyer, notary, doctor, dentist, specialized dentist, pharmacist, nurse, veterinarian, architect, engineer, physician, economist, agronomist, registered accounting expert, approved accountant and asset valuer will have zero VAT, regardless of their annual turnover.

Whereas for the agricultural producers, for whom the special scheme of compensation scheme applies, the minimum registration value threshold for VAT is the turnover of Lek 5 000 000 (five million) per a year.

Farmers, for whom the special scheme of compensation is implemented, but which develop their economic activity within the framework of an agricultural enterprise organized as an agricultural co-operation association (USB), are excluded from the application of the above-mentioned border, for the special regime of the compensation scheme, provided that this SHBB carries out only the activities of selling its agricultural products to taxpayers who are not part of the compensation scheme.

In this case, the buyer, a taxable person, issues a tax invoice only to the seller, an agricultural co-operation company, while the latter does not issue a tax invoice, according to the principles of this scheme for USBC member farmers. If the agricultural co-operation company, in addition to sales under the special scheme of farmers compensation scheme, carries out other activities, it is registered in the normal VAT application scheme.

Meanwhile, the government decision includes an addition to the deadline for submitting the statement and summary records for the category of persons with annual turnover up to ALL 5 million.

They must submit the VAT declaration on a monthly basis, within the 14th of the first month after the end of each quarter of the calendar year.

Together with the statement, they will also have to submit summary books, respectively the purchase book and the sales book, on a monthly basis, within the 10th of the first month after the end of each quarter of the year.
Free professions ain't pay the VAT anymore in Albania Free professions ain't pay the VAT anymore in Albania Friday, April 20, 2018 Rating: 5
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