Refund of VAT to businesses estimated at ALL 14.5 bn

TIRANA, Nov 9 /ATA/- Refund of VAT to businesses for January September is estimated at ALL 14.5 bn, 4% or ALL 4.2 bn more than 9-month, 2018.

According to data released by Ministry of Finance and Economy, for 2020 the revenues in value added tax collections are expected to reach ALL 151.6 billion, ALL 11.4 billion more than 2019 target, or 8.1%

The sources of VAT increase in 2020 will be collections from this tax that will be generated as a result of economic growth and price index, VAT from import volume increase and international price conjunct, as well as VAT attributed to improved management, fight against informality and control of the chain of transactions between operators.

Decrease in electricity production and increase in its imports, which has reduced domestic VAT and increased import VAT by 2.4 billion ALL for the 9-month period January-September, changing the TAP project scheme from VAT supplies to VAT-exempt supplies have had a negative impact on performance of VAT.

Revenues in VAT collections inside the country over January November are estimated at ALL 21.3 bn, 22% or ALL 6 bn less than 9 month 2018 and 24.4% or ALL 6.9 bn less than target plan January September 2019.

Revenues from VAT import collections are estimated at ALL 79.4 bn, 1.8% or nearly ALL 1.4 bn more than 9 month 2018 fulfilling 96.2% of the target plan.
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