From the 1st of April 2018, all businesses with controlled revenue of over 2 million lekë will be included in the value added tax scheme.
On the official website of the Directorate of Taxation, a declaration has been issued that all businesses, despite their current revenues, must be registered and assessed for the tax liability of the VAT.
However, businesses will not be required to pay any VAT until they revenues reach the 2million lek threshold.
According to the announcement, any taxpayer registered for VAT, should communicate with the authorized company who supplied their fiscal device, to ensure the changes in the rate of taxation of VAT, which comes into effect March 31, 2018, are updated to their device.
All registered tax payers must also set up facilities by the aforementioned date to be able to issue full tax invoices with itemized VAT as a requirement for all sales to the value of 40,000 lek or more.
It is the task of taxpayers to ensure details listed regardind sales and inventory of remaining stock of taxable is kept accordingly and specifies both quanity and value.
The Taxation Office informs that this inventory must be submitted to the Regional Directorate before the 31st, March 2018.
Goods included in inventory lists should be justified with a VAT tax invoice, but must have been purchased less than 12 months prior from the date the VAT registration was made.
The Tax administration has made a hotline available free of charge to help those who have uncertainty over this scheme, as well as hosting some specific seminars to educate entrepreneurs further through live training.