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Voxpress:

Interest arrears for businesses touch the tops, the interest rate reaches 8.58 percent

2024-03-23 11:13:22Biznes SHKRUAR NGA REDAKSIA VOX

Interest arrears for businesses touch the tops, the interest rate reaches 8.58

Businesses that do not pay their tax obligations on time are charged with interest arrears, which are recorded at the highest percentage since 2016. The increase in the basic interest rate by the Bank of Albania to 3.25%, in addition to the effects it has brought on the cost of loans, has caused the penalties of businesses to be higher.

According to the law in force on "Tax Procedures in the Republic of Albania", amended, Article 76, "When the tax liability is not paid on time, the taxpayer is obliged, for the period from the payment deadline to the date of tax payment, to pay late interest on this amount. According to point 3, of the same article, "The amount of late interest, according to the aforementioned law, is 120 percent of the interbank interest rate of the Bank of Albania, which is determined every quarter, based on the average rate of the previous quarter.

The General Directorate of Taxes publishes and updates on the official website the interest rate that applies to the calculation of late interest.

Thus, if we make an analysis over the years, referring to the updates made by the tax administration, starting from 2016 and following, it is noticed that the percentage of the calculation of late interest to businesses, in January 2024, reaches the highest value, recorded to 8.58 percent. The increase has been gradual from July 2022 until now, while the lowest rate has been applied from the end of 2020 to the end of 2021 with 5.4%.

According to the law in force, late interest is paid under any circumstances and cannot be removed by the tax administration, nor can it be appealed, except in cases where there are errors in the calculation or when the tax liability, to which it applies, changes.


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