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The Prime Minister of Albania Edi Rama announced on a press conference that the government has cut taxes to zero for small businesses whose annual turnover is between 0 – 50.000.000 Albanian LEK, or around 36,400 Euros.
"All businesses that have an annual turnover no more than 36,000 Euros in a fiscal year, will not pay any tax. While any other business that has a turnover between 36,000 – 58,200 Euros (Approximate value), while remain subject to VAT, while the tax on profit while drop from 7.5% to 5%.
Shqip should be easy enough to learn...
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Zero Taxes for Startups in Albania
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TOO BAD YOU CAN'T BUY a voodoo globe so that you could make the earth spin
real fast and freak everybody out.
-- Jack Handey, The New Mexican, 1988.
(Score: 2) by gnuman on Wednesday November 25 2015, @04:45PM
I'm not in EU, I don't know how your VAT is suppose to work. But here in Canada, businesses do not normally pay VAT** (GST/HST) but are required to remit it. Which means if businesses have $100k in sales, they remit the VAT on those sales which they collect from customers less VAT that businesses pay on their supplies. For tiny businesses (less than about $30k a year in sales), there is an option not to register for VAT collection, but then those cannot claim VAT paid by business as credit either - this option is to reduce "paperwork". But in general, businesses just collect and remit VAT to Revenue Canada and do not pay it on their own supplies.
So how does that work in EU? Businesses collect VAT but do not have to remit it? 20% subsidy?
** yes, some provinces in Canada have PST which is regressive VAT and businesses have to pay that too, but that's only few backward provinces.