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About 30 thousand free professionals are declared every month. Taxes: Insurance and new income tax, or fines, will be paid every day

2024-01-12 13:24:25Biznes SHKRUAR NGA REDAKSIA VOX

About 30 thousand free professionals are declared every month. Taxes: Insurance

Taxes have notified all persons who are classified as self-employed that they will have to start making monthly declarations of both payroll and personal income tax.

The change comes after the entry into force of the new income tax law, which introduced the free professions into the scheme, which will have to pay from January 1 from 15-23% tax on recognized profits.

While previously, freelancers who were registered as a small business made their payroll declarations once every three months, now they have to make the declaration every month. The same deadline, every month, also applies to the payment of social security contributions, health insurance and income tax from employment.

The deadline for submitting the payment list and making the payment is the 20th of the following month. The first statement is the payment list for the month of January, with a deadline until February 2024.

Taxes warn that if these legal deadlines are not respected, this will constitute a tax violation and will be punished with administrative measures.

The law affects 29,000 freelancers

From January 1, the implementation of the progressive tax began with the tax rates of 15% and 23% for the self-employed, natural persons and merchants of services of free professions.

In total, according to the Ministry of Finance and Economy, up to 29 thousand self-employed businesses will be included in the new tax regime. MFE calculates that up to 90% of all businesses (divided according to 3 categories, such as: self-employed, natural persons and traders) are included in the band of annual income up to 14 million ALL per year that will be taxed at a rate of 15%.

The list of free professions included the activities of IT services, accounting, lawyers, education, doctors, real estate, news agencies, employment agencies, sports, tour operators, etc.

Examples of how the tax will be calculated

The 15% tax for the first tier of businesses with annual income up to 14,000,000 ALL per year according to the Ministry of Finance and Economy will be calculated on the profit, after deducting expenses and minimum wage income from the total annual income.

For the free professions defined according to the list of the decision "On the implementing provisions of the law no. 29/2023, "On income tax" with annual income up to 14 million ALL per year, the deductible fixed expenses not declared in accounting are recognized in the amount of 30%.

For example. If a business providing freelance services with an annual income of 10,000,000 ALL - 30% expenses - 40,000 ALL income from the minimum wage will have 6,960,000 ALL declared profit.

The profit to be declared after deducting expenses and minimum wage income will be taxed at 15%. In total, the annual income tax liability for the business with an annual income of 10,000,000 ALL is 1,044,000 ALL.

The other category of businesses that are included in the annual income over ALL 14 million have the obligation to declare their annual expenses to the tax administration, unlike the first category, which are recognized as fixed or unaccounted expenses at the rate of 30%. After deducting the expenses declared in the tax administration, the profit of this category will be taxed at the tax rate of 23%.

The Ministry of Finance and Economy calculates that 70-80 to 90% of the total businesses (including their 3 categories of self-employed, natural persons and traders) have an annual income of up to 14 million ALL per year.


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