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By the last Ministerial Order, the Ministry of Finance announced the change of the national accounting standard no. 15, which concerns all business units classified as “micro-entities”.

Specifically, as of the fiscal year beginning January 1st2022, the submission of annual accounts and the retention of supporting documents will be mandatory for all these entities.

Until now, micro-enterprises filed the simplified income tax declaration electronically, while all economic entities with an annual turnover of more than 5 million ALL had the obligation to file financial state. Now, this restriction has been removed, leading to a standardization of reporting methods across all reporting entities in Albania.

This measure has been taken to ensure greater transparency in the declaration of annual profit from economic activity and also contributes to the efficiency of tax collection.

The preparation of financial statements, different from the simplified tax return, requires expertise in the field of accounting. This creates the immediate need for each micro-entity to have an accountant, who prepares financial reports in accordance with national accounting standards.

From the perspective of small businesses, this means a slight increase in operating costs, while for experts in the field of finance and accounting and providers of accounting and financial consulting services, it means new opportunities. jobs, new cooperation contracts and certainly, further development. For more information or assistance from our local advisors, please contact our Country Manager, Ms Drilona Likaj, at our Eurofast office in Albania at [email protected]

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

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