Tender published for Italian migrant centres in Albania       In a recent development, the Rome prefect’s department has announced tenders for the establishment of three Italian migrant centers in Albania, as part of an agreement between Rome and Tirana forged last year. The notification outlines the allocation of funds, with an annual budget of nearly 34 million euros … Read More

UN Tourism Barometer/ Albania Best Destination in Europe 2023       The UN Tourism Barometer, known for its regular monitoring of short-term tourism trends and providing timely analysis to global tourism stakeholders, has named Albania as the leading destination in Europe for 2023. Published quarterly, the Barometer offers insights into inbound tourism to destinations and outbound tourism from source … Read More

Economic Renaissance: A New Chapter in Albania       In recent years, Albania, a country once shrouded in mystery and isolation, has embarked on a transformative journey, capturing the attention of the global community. With its stunning Adriatic coastline, rich historical tapestry, and vibrant culture, Albania is rapidly emerging as a beacon of progress and innovation in the Balkans. … Read More

Tax on Transfer of Real Estate in Albania       The Ministry of Finance and the State Cadaster Agency have recently issued a significant joint instruction titled “On Income Tax from the Transfer of Real Estate,” officially published on January 17, 2024. This instruction aims to clarify the application of capital gains tax from real estate transactions, particularly focusing … Read More

Jared Kushner Roars in Europe: Investing in Albania and Serbia with Arab Funds, Guided by Richard Grenell       Jared Kushner, son-in-law of former President Donald Trump, is on the cusp of finalizing substantial real estate deals in Europe, focusing primarily on Albania. Reports from The New York Times indicate that Mr. Kushner’s plans in the Balkans have gained … Read More

Corporate Income Tax/ General Provisions on Profit Determination       Amortization For the determination of taxable income, amortization for fixed business assets is calculated and deducted by: a) the owner of the business assets, except in cases specified in subparagraph “b” of this point; b) the person bearing the risk of loss or damage to the assets, in cases … Read More

Western Balkans leaders pledge to speed up reforms for EU growth plan       On Thursday, leaders from Western Balkan countries reached a consensus to expedite regional collaboration, capitalizing on a new European Union financial aid initiative aimed at hastening the path to membership. The EU’s proposal involves allocating 6 billion euros (approximately $6.5 billion) to the Balkan states … Read More

Directing Attention to Investments: The Advantage for the Albanian Economy Through a Distinct Payment System       Finance Ministers and Central Bank Governors from Western Balkan countries gathered in Tirana to discuss integration into the European payment system. The move, part of the EU’s Growth Plan, aims to significantly reduce transaction costs for citizens in the region. The focus … Read More

EBRD and EU scale up support for Albania’s railways       In a significant move towards enhancing Albania’s strategic transport links, the European Bank for Reconstruction and Development (EBRD) is taking the lead in a €373 million railway project. The initiative involves the rehabilitation and electrification of the Vore-Hani i Hotit railway line, a crucial 120 km connection between … Read More

Albania’s Garment Sector Gets a Big $4 Billion Boost in Updated Budget       In a recent development, the Council of Ministers gave the green light to a Normative Act, ushering in amendments to the 2024 budget. Following a government meeting, Finance Minister Ervin Mete shared that the primary objective of this legislative move is to extend support to … Read More