On 27th January 2022, the Albanian Parliament adopted the Law no. 7/2022 on an Amendment to the Law no.9723, dated 3.5.2007, on Business Registration (the “NBC Law”) (the “Amendment”). The Amendment is effective from 2 March 2022.
The Amendment is related to a considerable increase of two penalties, the first one for declaration of untrue data and the second one for failure to register with the commercial register the mandatory data within the legal deadline.
Increased penalties for declaration of untrue data
According to the Amendment, the declaration in the register of untrue data, when not considered as criminal offense, constitutes an administrative contravention and shall be punishable with a penalty amounting to ALL 60,000 (approximately EUR 500).
Increased penalties for failure to complete registrations within legal deadlines
Failure to complete the initial registrations and other subsequent mandatory registrations within the deadlines defined by the NBC law, constitutes administrative contravention and is punishable with a penalty amounting to ALL 60,000 (approximately EUR 500).
The amount of both abovementioned penalties used to be ALL 15,000 (approximately 124).
KPMG team remains at your disposal for any inquiries you may have or assistance needed.