TIRANA, July  12 /ATA/ The Ministry of Finance and Economy kicked off consultations on the drafting of the Fiscal Package that will be implemented in 2024.

Deputy Minister of Finance and Economy, Vasilika Vjero, held a working meeting on Wednesday to collect preliminary proposals.

Vjero announced that the preliminary proposals of MoFE structures will be widely discussed with all parties of interest.

The Assembly has already adopted the amendments to the “Income Tax” law. The changes determine that from January 1, 2024 the self-employed of the free professions will no longer be treated as a small business with 0% tax, but the net income (profit) from the business of the self-employed will be taxed at the rates of 15% for the range 0 to 14 million ALL and those above 14 million ALL will be taxed  23%.

The law sets two implementation deadlines. For the self-employed of the free professions, the progressive tax from 15% to 23% will start to be implemented from January 1, 2024, while for small business (including the self-employed categories) the effects of the law will start to apply from January 1 2029.

According to preliminary data from MoFE, there are about 7,000 freelancers who will be included in the profit tax scheme, starting from January 1 of the upcoming year.

About 90 thousand small businesses and about 25 thousand large businesses operate in Albania. So there are 115,000 registered businesses, while every person who earns income in this country is a taxpayer. About 700 thousand are employed, which brings the number of taxpayers in the country to over 800 thousand.

/sm/