The fiscalisation model in Albania has been adopted following the final planned deadline at the beginning of the month. Now, all cash and cashless transactions in the B2G, B2B and B2C segments must be handled by taxpayers in accordance with the procedures specified.
As reported earlier in our previous update from April 2020, the Albanian Parliament approved Law No. 87/2019, also called the law on “Invoice and Circulation Monitoring System”. The new software-based fiscalisation model will allow tax authorities to achieve better tax controls and eliminate tax evasion.
The law entered into force as per the following timelines:
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January 2021 – for cashless transactions between taxpayers and public bodies (B2G); also, cash transactions performed by taxpayers subject to VAT and simplified CIT with an annual turnover between ALL 2 million (ca. EUR 16 520,00), and ALL 8 million (ca. EUR 66 100,00); cash transactions performed by taxpayers subject to simplified CIT with an annual turnover not exceeding ALL 2 million;
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July 2021 – for cashless transactions between taxpayers (B2B);
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1 September 2021 – for cash transactions among taxpayers, regardless of tax liability or annual turnover (B2C).
The implemented model is expected to provide more transparency for Albanian tax authorities and is also an important step towards membership in the EU Albania is striving for.
Source Pagero
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