- According to Article 59, paragraphs 1/2 and 1/3 of Law No. 9920/2008 “On Tax Procedures,” as added by Law No. 31/2019, every registered taxpayer (registered VAT-paying natural person trader, any legal person, and registered NGOs) is required to have a business bank account and to declare it to the tax administration.
- The 90-day period announced in July 2019 was only a transitional period for businesses that existed at that time, and it expired long ago.
- The deadline that applies today for any new registration with the QKB is 20 calendar days from the day after registration.
- Failure to file within the deadline results in sanctions under Article 120 of the same law.
Law No. 9920, dated 19.No. 9920, dated 19.5.2008, “On Tax Procedures in the Republic of Albania,” as amended by Law No. 31/2019, provides in Article 59, paragraphs 1/2 and 1/3, that taxable persons who are natural persons engaged in trade and registered for VAT, any legal entity regardless of turnover, and non-profit organizations registered with the tax authority, are required to have a business or organizational bank account and to declare it to the tax administration.
In our daily work, we often see newly registered businesses that underestimate this deadline or confuse it with the old 2019 notification, thinking it was a past requirement that no longer applies to them. In fact, the 20-day deadline starts over for every new registration with the National Business Center, regardless of when the initial legal change was made.
Read also: Tax Procedures in the Republic of Albania.
How does this obligation work today?
Who does it apply to?
The obligation applies to registered VAT-paying natural persons engaged in trade, all legal entities regardless of annual turnover, and nonprofit organizations registered with the tax administration. There is no exemption for small-turnover businesses, as there was not in the original text of the law.
20-day deadline for new registrations
Any business or organization newly registered with the National Business Center has 20 calendar days, beginning the day after registration, to open its business bank account and declare it to the tax administration. This deadline is not tied to the date of the 2019 law but automatically restarts with every new registration, both today and in the years ahead.
Every time there is a tax or financial change that affects your business, we notify you directly by email with a practical explanation.
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Consequences of not declaring on time
Article 120 of Law No. 9920/2008 provides penalties for taxpayers who fail to meet this obligation by the deadline. Beyond the fine, a business without a declared bank account may face practical difficulties, blocked payments, delays in relationships with suppliers and clients who require bank payments, and potential issues during tax audits.
How we handle this with our clients
When we register a new client, we include the opening and declaration of the bank account right at the very first step, precisely so that the 20-day deadline doesn't slip by unnoticed.
Frequently asked questions
Does the 90-day period mentioned in the old notices still apply?
No. That deadline was a transitional period only for businesses that existed in July 2019, and it expired years ago. The deadline that applies today for any new business is 20 calendar days from registration.
What happens if I delay opening the account?
You risk sanctions under Article 120 of Law No. 9920/2008. We recommend you address this immediately after registering with the QKB, rather than postponing it.
How do I declare my bank account to the tax authorities?
The declaration is filed with the tax administration once the account has been opened at the bank. The specific procedure and the declaration format may vary, so we recommend verifying the exact steps with the General Directorate of Taxes or through your economist.
