TIRANA, July 16 /ATA/ – Implementation of the fiscalization process, which was slated to begin in September 2020 for the businesses with annual turnover of 8 million lek and in January 2021 for the businesses with annual turnover of over two million lek, has been postponed again until September 1, 2021.
In a regular meeting on Wednesday, the Council of Ministers adopted changes to law on the electronic invoice and the turnover monitoring system, known as fiscalization law.
According to the project law on registration of payments for invoices in cashless transactions, the deadlines of this bill remain unchanged and its implementation will begin on January 1, 2021.
The law’s deadlines also remain unchanged regarding the registration of cashless transactions among the taxpayers and its implementation will start on July 1, 2021.
For the cash transactions by the taxpayers, despite the tax liability or the annual turnover, the effects of the law will begin on September 1, 2021.
The fiscalization process for the cash transactions by taxpayers subject to the value added tax and the profit tax on an annual turnover more than 8 million lek was set to start on Sept 1 this year, but the deadline has been postponed by a year until Sept 1, 2021.
Fiscalization brings a number of innovations for doing business in the country and advances the operational processes of business and tax administration. This process aims to combat informal economy and tax evasion, increase transparency and provide real-time verification of transactions.
With enforcement of the fiscalization, the Ministry of Finance and Economy expects revenue collection from the value added tax to account around 9.2 percent in the medium term.
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