Maximum Amount Of Petty Cash Allowed For Business Entities
Published date | 20 February 2023 |
Subject Matter | Finance and Banking, Tax, Financial Services, Tax Authorities |
Law Firm | Eurofast |
Author | Ms Drilona Likaj |
Anew version of the existing law on Tax Procedures was recently published by the Ministry of Finance in Albania. According to the latest changes, every business that operates with cash transactions is obliged to deposit in its bank account the entire amount that exceeds the maximum allowed level of the cash balance in the cash register. This action is mandatory to be performed every day, based on the result of the previous working day.
In cases where the taxpayer's bank accounts have been blocked due to non-payment of tax obligations, the entity is obliged to deposit, every day, on its bank account all the petty cash amount collected in the cash register during the past working day, and not only the amount of cash that exceeds the limit allowed.
The maximum allowed amount of cash in the cash register, determined according to this law, is detailed as follows:
- for taxpayers with annual turnover, during the previous tax year, up to 2 million ALL, the maximum allowed amount of petty cash is 150,000 ALL
- for taxpayers with annual turnover, during the previous tax year, from 2 million to 10 million ALL, the maximum allowed amount of petty cash is 500,000 ALL
- for taxpayers...
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