3 August 2020
Albania's Council of Ministers reportedly approved amendments on 22 July 2020 to increase the VAT registration threshold from an annual turnover of ALL 2 million to an annual turnover of ALL 10 million. The amendments also provide that voluntary registration is allowed for taxpayers below the increased threshold if their annual turnover is at least ALL 5 million.
Further, the new threshold applies for taxpayers that are currently required to register for VAT regardless of the annual turnover amount, which includes professions such as lawyers, accountants, engineers, architects, and others. The new threshold also applies for taxpayers engaged in agricultural production, which are currently required to register if meeting an ALL 5 million annual turnover threshold.
The new threshold will be effective from 1 January 2021.
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