11 taxes that are a burden to businesses, social insurance tax is the highest

Doing Business in Albania is difficult also because of high taxes. In its latest report, World Bank ranked Albania in the 122th spot in terms of paying taxes. Data shows that an Albanian businessman must pay 11 taxes or do 35 annual payments. Paying these taxes requires 252 hours and these taxes are equal to 37.3 percent of profits. Albania performs worst than the EU average in terms of costs and times to pay these taxes. Insurance tax strips businessmen of 16.9 percent of their profits, according to World Bank. This tax is paid monthly. Corporate tax is equal to 14.01 percent of profits. Contributions for social insurance are equal to 1.92 percent of profits, municipality taxes equal to 1.42 percent of the profit and property tax is 1.21 percent of the profit. Other taxes such as VAT, circulation, tax, fuel tax and labor tax are indirect and are also a burden for businesses.

Source: Scan TV