The government has started to act helping in the export businesses that has been hit by the devaluation of the euro. One of the measures taken is the refund of VAT within three days. A long-term plan of measures is also discussed.

The export sector has been affected the most by the devaluation of the euro, which has continued to decline drastically in the last three months.

The Ministry of Finance and exporters’ associations, as well as the banks’ association, have been gathered to discuss the measures that need to be taken to protect this sector.

“We have decided with the aim of providing a short-term solution for increasing the liquidity of exporting companies, we will strengthen the advance payment of tax profit installments for all exporting companies that export more than 70% of their turnover and production”.

Another measure that the government is taking at this moment is the VAT refund.

“On the other hand, we will take measures with the aim that the refund of VAT received from exporters at the tax administration, which, based on the decisions and instructions of the Ministry of Finance and Economy, must be given within 30 days, from the date of submission of the request for reimbursement will be given with a much shorter deadline, within three days from the submission of the request and documentation”.

All exporters trade in euros, while their expenses are in lek, and as a result, the income of these businesses has been shrinking.

Together with the short-term plans, a long-term plan was discussed for taking further measures for the negative impact that this phenomenon will have on the market. Some suggestions were the restructuring of loans as well as the proposal of forward contracts.