Business & Economy, Finance & Investments, Kosovo
Value Added Tax increased in Kosovo by 1%
The assembly of Republic of Kosovo has passed the amendment for the new Value Added Tax regulation. With the new law VAT gets increased from 15% into 16%. The regulation is in power from 1 January 2009, and affects all the registered businesses under new regulation. According to the Kosovo Tax Administration there will be new forms of VAT reporting which will be affected in Q1 (VAT declaration to be declared by 28th February 2009, for tax period of January 2009).
Assembly passed also law amendments, which reduces the personal income tax in Kosovo. A major change is for the employees which recieves more than 450 Euro now will be paying only 10% personal income tax (20% previously). Experts at the Tax Administration believes that the reduction of personal income tax will be an attraction to potential foreign investment in Kosovo.
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