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Albania will produce weapons. Zero taxes for companies that invest over 25 million Euros

2024-06-10 10:25:55Biznes SHKRUAR NGA REDAKSIA VOX
Albania will produce weapons. Zero taxes for companies that invest over 25
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The government has ready the draft law, according to which it aims to restore the production industry of military armaments in the country.

The bill establishes a state agency, to be called the Military Industry Agency.

The tasks of this agency will be the licensing and supervision of private or state entities that seek to invest in the production of weapons in our country.

The law does not exclude the possibility of private or state entities being foreign, while it provides a series of obligations, but also fiscal facilities for these companies. According to the draft law, companies that will be licensed for the production of weapons in the country will have to have an initial investment plan of at least 25 million euros, of which five million will be invested in the first year of activity.

The entity must submit a detailed 3-year short-term business plan, which shows the expectations for the development of their activity, including the expectations for employment, innovation and technologies to be used, as well as the contribution to the local economy and national security.

In exchange, the government will enable accelerated procedures for licensing and registration of activity, according to the legislation in force, zero rate of tax profit for the first 10 years of activity; reduction of the value added tax to the extent of 10 percent, for the supplies and services necessary for the production of military armaments, as well as any other applicable tax exemption, based on the legislation in force on the value added tax;

The companies will also be exempted from infrastructure impact tax as well as local and central tax on real estate used for production purposes and exemption from customs clearance taxes on products needed for weapons production for a period of 10 years.

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