Profit tax is removed for 5300 businesses – From January 1, 2021 entities with a turnover of up to 8 million ALL will benefit

From January 1 next year, about 5,300 small businesses across the country will not pay the profit tax. The draft law drafted by the government in order to alleviate the fiscal burden of that business category which is considered most vulnerable to the difficult financial situation created by COVID-19, through the increase of the simplified profit tax rate has been submitted for discussion in Parliamentary Committees. According to the report of the draft law, taxpayers subject to simplified profit tax with turnover, up to 8 million ALL will not be taxed.

Until now, taxpayers with a turnover of less than ALL 5 million did not pay profit tax, while those with a turnover of ALL 5-8 million paid a tax rate of 5%.

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