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The threshold is reduced, employees over 80 thousand ALL / month obligation to declare

2022-06-22 14:19:16Biznes SHKRUAR NGA REDAKSIA VOX

The threshold is reduced, employees over 80 thousand ALL / month obligation to

Every person employed in the country with a salary of over 100 thousand ALL gross, will have the obligation to complete the Individual Annual Income Statement at the tax administration.

The new draft law on "Income Tax" drafted by the Ministry of Finance and recently submitted for consultation, has lowered the threshold of the obligation to declare for employees in Albania.

Until now, this obligation was held by individuals with gross annual income over ALL 2 million per year.

Whereas Article 67 of the draft law stipulates that: A person is obliged to submit an annual personal tax return when his / her annual tax income is: More than 1,200,000 ALL of gross income from employment, or more than 50,000 ALL of any other income not subject to final withholding tax. In other words, this initiative affects those individuals who currently receive a net salary of over 80 thousand ALL per month.

These individuals will not pay extra tax after completing the return as they pay it progressively each month. But the goal of the Ministry of Finance is to expand the total income register of individuals employed in their optics, in order to make it easier to control spending and reduce evasion.

Despite the fact that the law is expected to enter into force on January 1, 2023, the personal income declaration, the format of which will change, will be completed for the first time after the end of the tax year, in April  2024./Elisabeta Dosku , Scan 


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