The economic development zone in Xhafzotaj comes to life - 1.5 billion lek investment. The Ministry of Economy signs a contract with "Vertigo"
The Council of Ministers has approved the conclusion of a contract between the Ministry of Economy, Culture, Innovation and the developer "VERTIGO" sh.pk, for the construction, administration and monitoring of the functioning of the technology and economic development zone in Xhafzotaj, Shijak.
The developer, the company "Vertigo" sh.pk, possesses the technical and financial capacities and capabilities for the design, financing, construction, administration and monitoring of the functioning of the Xhafzotaj Technology and Economic Development Zone, Shijak.
According to the decision, it is envisaged that a series of economic activities will be developed within this zone, which are of the following types: manufacturing industry; vehicle and spare parts industry; information and communication technology (ICT) industry; electrical and electronic equipment industry; energy products industry; heavy industry; light industry and agro-processing; processing and storage of goods; trade and export-import; services; other industries, in accordance with Albanian legislation.
The territory where this center will be built has an area of 135,215 m2 and the period of operation of the area is 35 years, with the right to renew for up to 99 years, starting from the date the contract enters into force.
The investment value for the project will be 1.569 billion lek. The contract stipulates that the developer must ensure the creation of at least 35 jobs upon the start of activity in the area, and together with the users must ensure at least 500 jobs in accordance with the business plan.
Businesses that will develop their activity in this zone will benefit from several fiscal incentives. Exemption from paying 50% of the corporate tax rate for the first 5 years of activity within the zone. Capital investments made within the first 3 years will benefit from a 20% tax deduction for a 2-year period.
Goods supplied within the zone for economic purposes are subject to 0% VAT. Goods leaving the zone as exports or re-exports are exempt from VAT payment obligations. Buildings within the zone are exempt from real estate tax for 5 years.
Users of the zone are exempt from the tax on the transfer of ownership of immovable property. Expenses for salaries and social contributions are deductible at 150% of their value. Employee training expenses are deductible at double their value for 10 years. Research and development expenses are deductible at double their value for 10 years.
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