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Companies that will produce weapons in Albania will pay less taxes
2024-08-09 23:24:46 / EKONOMI&SOCIALE
ALFA PRESS
In order to encourage companies to invest in the production of military armaments, the Ministry of Defense has provided a series of tax and administrative incentives. The law on the regulation of production, trade, research and development of weapons, ammunition, equipment and military technologies, which defines the main rules for the development of the military industry and the operation of the Defense Industry Agency, has been published in the Official Gazette.
This law provides fiscal relief for all companies that will invest in the arms production industry in Albania. The corporate income tax rate for the first 10 years of the start of activity will be 0%. Other fiscal facilities include the exemption from customs duties for goods that directly serve the production of military armaments, while the innovation remains the reduced value added tax rate of 10% for the supply/sales of military armaments.
In addition to tax benefits, the law also provides for administrative ones, such as accelerated procedures for licensing and registration of activity. For these companies, there will be support for the construction and maintenance of auxiliary infrastructure, such as: roads, water supply, sewage, electricity and telecommunications, which are essential for the operation of the subject's activity, as well as access to funds and support programs for research and development in the field of defense technologies.
The Defense Industry Agency is the authority responsible for taking administrative measures in case of violations by arms manufacturing companies. Fines from 5 million to 50 million ALL are foreseen for all companies involved in military weaponry testing or specialized activities without approval from the Defense Industry Agency./SCAN
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