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Arms production and trade, millions of euros available from the Government

2024-09-03 12:09:05Biznes SHKRUAR NGA REDAKSIA VOX

Arms production and trade, millions of euros available from the Government

At the beginning of August, the initiative for the production and trade of weapons in our country took legal form. With the publication of the decision in the Official Gazette, the way to this industry is opened, and now Albania has the first state-owned company that will deal with the production and trade of weapons. The executive has approved a fund of 440 million alleks for the Ministry of Defense, of which 150 million alleks, as initial capital for the "KAYO" company, and 290 million alleks for the settlement of arrears of existing enterprises.

After KAYO, the state company that will deal with the production and trade of weapons, Albania will also set up a Defense Industry Agency. The draft law "On the regulation of the production, trade, research and development of weapons, ammunition, equipment and military technologies" has been submitted to the Parliament by the government.

The agency, which will be subordinate to the Ministry of Defense, but whose director will be chosen by the Prime Minister, will cost the state budget 95 million ALL every year.

For the production of "Made in Albania" weapons, according to the legal proposal, foreign companies will also be invited. In order to attract as much foreign investment as possible for the revival of the military industry, the government will also provide facilities for companies.

Military industry, tax exempt companies

Companies that will invest in this industry will be exempted from a number of taxes.

The corporate income tax rate for the first 10 years of the start of activity will be 0%. Other fiscal benefits include the exemption from customs duties for goods that directly serve the production of military armaments, while another facility is the reduced rate of value added tax of 10% for the supply or sales of military armaments.

In addition to tax benefits, the law also provides for administrative ones, such as accelerated procedures for licensing and registration of activity.

For these companies, there will be support for the construction and maintenance of auxiliary infrastructure, such as: roads, water supply, sewage, electricity and telecommunications, which are essential for the operation of the subject's activity, as well as access to funds and support programs for research and development in the field of defense technologies.

At the beginning of April, during the inauguration of the Innovation, Security and Defense Center, Prime Minister Edi Rama set as a goal for the year 2030 the revival of the military industry and the launch of the export of weapons "Made in Albania"./ VoxNews

 


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