Free economic zone exempted from taxes for 35 years in the Albanian coast

Free economic zone exempted from taxes for 35 years in the Albanian coast

Tirana, March 24, 2015/Independent Balkan News Agency

On the coast of the city of Durres, the government has decided to announce a free economic zone for trading and production businesses for 35 years in a row.

The decision has been taken by the ministry of Economy. The area in question where this tax haven will be created involves 22 hectares in the quarter of Spitalle in Durres.

The scope of the creation of this zone is to build a multi-modal logistic park, which will handle entry services, it will serve for the loading and unloading of ships, the processing and storage of products, commercial activities, import-export, repackaging of raw processing production materials, agri-food and different services. The project of the free zone aims at attracting Albanian and foreign investments, which have an impact in reaching a new level of economic development for this region.

The project involves the construction and the maintenance of infrastructure which will serve to the port’s and production activity that will take place in this area.

The government will help by not applying taxes based on the law “For the creation and functioning of economic zones”. The period of the functioning of the economic zone is 35 years. The users of the free economic zone must enter a contract with developer of the free economic zone for a period of up to 35 years. The procedure of the selection of the developer of the free zone will be made based on the regulations and competing procedures set forth by the law “On concessions and public-private partnership”.

Experts say that the creation of this economic zone in Spitalle has several geographic and economic advantages: the position near the port of Durres and facilities of transport to Italy and other states on the Adriatic sea.

This investment will make the new terminal a strong competitor with other port activities of regional markets.

This free economic zone, which will not be subject to taxes, will also make it more competitive in the market, more attractive for further development of investments within the port and outside of it, having an impact in the opening of the international investment market.

The government is hoping to open a significant amount of jobs, by offering a priority to the employment of the residents of this area.

The investment in this area is estimated to be 50 million Euros and this will see the employment of 150 people, who will handle the activity of the economic zone. /ibna/