Albania

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to changing market dynamics. By assessing their ability to harness the right technology, we guide them to become more competitive. 

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NOVARIC® offices are in Malta, Albania, India, Brazil, Germany, Colombia, France.


 

Albania

COVID-19 Update:

Total tests: 476,017

Cases: 109,674

Recovered: 72,076

Deaths: 1,856

Economy:

Working in banking or insurance brings the greatest material reward in the country today. According to INSTAT, the average of the sector in “Financial and Insurance Activities” for 2019 was 107.7 thousand ALL or about 870 euros per month. Information technology has become one of the most sought after today. In Albania, this profession is paid an average of 645 euros, which is at least half of the state that pays less for this profession (Bulgaria with about 1.3 thousand euros/month). The biggest haemorrhage of the labour market today is happening precisely with this profession, as IT specialists are leaving to work abroad. In EU countries they are paid on average over 2 thousand euros, in Germany and the United Kingdom over 4 thousand euros and the record is again held by Norway and Switzerland at 6.2 and 8.2 thousand euros/month, respectively.

The number of small entities that have been deregistered from the value-added tax (VAT) scheme has reached 31,821. The figure was announced by the General Directorate of Taxes. While the number of small businesses that are liable for taxation with VAT is 1,329.

Their deregistration took place after the entry into force of Article 117 of Law No. 92/2014, dated 27.07.2014 “On Value Added Tax in the Republic of Albania” which changed the minimum registration limit for value-added tax. increased to ALL 10 million, from ALL 2 million previously. According to taxes, by the end of 2020, the total number of small businesses was 89,270, of which 33,697 were small businesses with VAT. After the deregistration of entities with an annual turnover of up to ALL 10 million, now, only 1.5% of small entities in the country are part of the VAT scheme.

Business:

Former PD MP Agron Shehaj held a meeting with German Ambassador Peter Zingraf, where they discussed the fact that Albania has great opportunities for German investment. According to him, Albanians have special respect and adoration for Germany, so we must learn from them how to strengthen the economy. He says that they will help our economy, but also reduce the emigration of youth and professionals to Germany and Western countries.

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