TIRANA Nov 22 /ATA/ – By I.Vata/ Minister of Finance and Economy, Delina Ibrahimaj, stated on Monday that in the 2022 budget 250 million ALL have been earmarked for startups.
In the rollout of the 2022 budget for small business, Ibrahimaj said that small business has been a priority since 2013, and several initiatives have been taken to support them through fiscal incentives or streamlined procedures.
Ibrahimaj stressed that over a span of 8 years, the number of small businesses grew by 155%, increasing by 67 thousand 174 businesses.
“These figures show that we have improved the business climate by seeing the small business as a potential not only in economic development of the country but also in internationalization of Albanian products,” she said.
“We supported small business with war pays. During the meetings with the business we came to conclusion that there was an urgent need for an extra fiscal relief and took the decision that all businesses with a turnover of 10 million ALL will be exempted from paying VAT and all businesses up to 140 million ALL will be exempted from paying the profit tax. Billions of lek that were paid by small businesses are no longer in the government budget but in the business budget. During the year 2005-2018, 19 billion ALL have been paid by small business in taxes and tariffs. Since 2014, we have reduced the profit tax rate in order to promote business. From the onset of the pandemic, we relieved businesses from fiscal burden. We have also streamlined business procedures in order for the business to have as little physical contact with the administration as possible. We have simplified all the declarations for the tax administration “, continued Ibrahimaj.
Ibrahimaj added that business has been backed with incentives.
“In the 2022 budget 250 million ALL have been earmarked for startups and development of business ideas, this is the support that the Albanian government has provided in the budget but in the meantime there are a series of international donors who support small business and free business initiative,” she said.
Ibrahimaj also focused on employment promotion programs adding that the 2022 budget will continue to promote employment.
“There are seven programs that aim to encourage about 5 thousand individuals who will develop their skills with view to starting their businesses. AIDA has come to the aid of startups, has come to the aid of new businesses by disbursing about 350 million ALL and next year we will set up a special sector at AIDA which will be responsible for training businesses, building on successful programs implemented by international donors. With the support of the EU, we will have a special fund for the youth guarantee through which we will make a promise to every young person up to the age of 29 who within four months will be either supported by an employment or a training program, ” said Ibrahimaj. /j.p/sm/
