"Fiscal peace", a new chance for large businesses/ Turnover over 14 million lekë, redeclaration and prepayment of corporate tax
Since January 1, the "Fiscal Peace" has come into force, which aims to create a more cooperative relationship between the tax administration and large businesses. This initiative offers entities the opportunity to enter into a prepayment agreement for corporate income tax, avoiding tax audits and benefiting from more favorable declaration conditions.
Fiscal Peace is aimed at businesses that generate annual revenues of over 14 million lek. These entities can enter into a one-year agreement with the tax administration, which can be renewed up to two times. In exchange for this agreement, businesses will pay tax on their profits in advance, while they will not be subject to tax audits during its validity period. The tax advance is not made randomly. It is calculated on the taxable profit of the previous year, which is increased by 18% in advance. At the end of the year, the business's real profit is compared with this projected base and if the profit is higher than the established limit, only the additional part will be taxed at a reduced rate of 5%.
The agreement is voluntary and does not include entities that are under criminal investigation for fraud or tax evasion. The application will be made online through the e-Filing platform, while the implementation of the procedures will be carried out by the regional tax directorates, after the approval of the relevant instructions by the Ministry of Finance. Another important component of the 'Fiscal Peace' is the possibility of re-declaring financial statements for the last five years. This process is accompanied by a flat tax of 5% and without penalties or interests, as long as the declaration is made in advance. This gives businesses the opportunity to regulate their financial situation and start a new chapter with more legal certainty.
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