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In a meeting with business, the government proposed a new Fiscal Peace package, which includes the forgiveness of tax liabilities and interest on arrears, as part of a new agreement between the state and business.
The Minister of Entrepreneurship and Business Climate, Delina Ibrahimaj, said that the "Fiscal Peace" initiative with business has three main components, such as: Agreed tax on profit; Review of financial statements for the last 5 years; Forgiveness of tax liabilities and interest on arrears.
According to her, this initiative aims to alleviate the accumulated fiscal burden of businesses during recent difficult economic years, including the consequences of the 2019 earthquake, the Covid-19 pandemic, and the global price crisis.
Forgiveness of Tax Liabilities and Interest on Arrears
The package includes a relief scheme for past tax debts, such as:
Complete cancellation of tax debts older than 10 years, if they are still unpaid.
For obligations from 5 to 10 years: 50% debt forgiveness, if paid immediately.
25% debt forgiveness, if paid in installments within 12 months. For debts from 1 to 5 years: Forgiveness of all fines and late payment interest, if the principal obligation is paid.
For businesses that cannot pay immediately, the option of a 12-month agreement and the benefit of forgiveness of up to 25% of the obligation will be offered.
Minister Ibrahimaj described this as a new cooperative relationship with business, which aims to build trust and economic stability. “Businesses will have the opportunity to put the past behind them and move forward with more certainty,” she said.
The business peace package also proposes that a 15% corporate tax rate be applied to the agreed profit, which is paid in installments. For any additional profit that the business chooses to declare, a tax of only 5% is applied. The business is exempt from tax control for the period of the agreement.
"It is an agreement that will be proposed to every business that is subject to profit tax, for a period of 3 years, with the right to review every year. Businesses that agree to enter into this agreement with the tax administration will be exempt from any tax audit, including in-depth audit. If the business decides to declare a higher profit than that agreed with the tax administration, the business will be taxed at 5% for the additional profit."
Another measure proposed in this package is the Review of Financial Statements.
For the first time, businesses have the opportunity to correct past declarations without being penalized.
Applicants pay only 5% tax on changes; No fines or late fees apply; The relevant years will not be subject to control. /Monitor
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