The deadline for submitting bank statements has been extended to October 28, 2019.

In clarification of the recent legal changes regarding the obligation of taxpayers to open bank accounts, we bring to your attention once again that Subjects involved are:

• Individual taxpayers who are merchants active, registered for value-added tax;
• Legal entities that are taxpayers, regardless of the turnover they realize;
• Non-profit organizations registered with the tax authority.

The taxpayers mentioned above, registered with the National Business Center/Tax Administration, are required to open a bank account and declare it to the Tax Administration by October 28. The deadline is extended to October 28 because October 26 is a public holiday. The Tax Administration has informed you that you can submit this information by completing it in your electronic filing account on E-filing. In the “My e-Filing” menu, select the “My Profile” submenu and, under “Bank Details,” follow these steps:

• In the pop-up window that appears, you need to select the name of your bank;
• Fill the box with the IBAN details, making sure to record the correct details;
• Select the currency type in which you have your bank account;
• Fill Date for which your account is valid;
• If you wish, you can upload documents proving the opening of the bank account you are declaring.;
• Your data has been saved, and your declaration has been completed successfully.

This procedure is repeated for each account you will declare. New taxpayers are required to open the business/organization's bank account no later than 20 calendar days from the day after registration with the National Business Center/Tax Administration and to declare it in the same manner to the Tax Administration. We emphasize that only currently registered sole traders who are not registered for value-added tax are exempt from the obligation to open and declare their bank account details to the Tax Administration. If these entities register for Value Added Tax at a later date, they are then required to open and declare their bank account information to the Tax Administration. We emphasize once again that taxpayers with passive status have no legal obligation to open and declare their bank account details to the Tax Administration. If, at a later time, the taxpayer moves to active status, then they must open and declare the bank account to the Tax Administration. In the event of non-compliance with the aforementioned tax obligation, Law No. 31/2019 “On Certain Amendments to Law No. 9920, dated May 19, 2008, “On Tax Procedures in the Republic of Albania,”" as amended, provides for penalties for taxpayers. The Tax Administration urges taxpayers, who are subjects of these legal provisions, to voluntarily fulfill this legal obligation within the deadlines and avoid penalties.