Strengthening Cybersecurity: New Legislation Requires Businesses to Implement Backup Servers       In response to the escalating threat of cyberattacks, governments worldwide are taking proactive measures to safeguard sensitive information and critical infrastructure. The latest initiative comes in the form of a new draft law on cybersecurity introduced in parliament, outlining a comprehensive set of obligations for private companies. … Read More

From Fasonismo to Excellence: The Industrial Transformation of Albania in the Textile Sector       Cotonella’s withdrawal from Albania after 27 years of operations prompts a thoughtful reflection on the dynamics of the textile sector in this Balkan country. In assessing the reasons behind this decision and future prospects, challenges and opportunities emerge that deserve in-depth analysis and a … Read More

Simplified tax on small business profits       Businesses with an annual turnover of up to 8,000,000 lek are subject to simplified tax on small business profits. This applies to all taxpayers engaged in business activities. Taxable income includes various revenue sources, such as sales of goods and services, participations, interest, and income from the use of both movable … Read More

Albania’s Progressive Leap: A New Tourism Law for Enhanced Growth and Sustainability         Albania’s government recently passed a progressive tourism law, replacing the outdated 2015 legislation. The Minister of Tourism and Environment highlighted the need for this update, emphasizing a vision aligned with the current state of the tourism sector. The new law, developed in consultation with … Read More

Construction Sector in Albania Surpasses Europe         A recent Eurostat report on housing reveals that the construction sector in Albania is thriving more than any other European country. Eurostat measured the size of the construction sector across Europe, using the gross value added (GVA[1]) generated by this economic activity as a percentage of the total GVA. For … Read More

Albania’s Blue Economy: Navigating Maritime Business Opportunities       Nestled along the picturesque coastline of the Adriatic and Ionian Seas, Albania is awakening to the untapped potential of its maritime sector. Known for its rich history and stunning landscapes, the country is now setting sail towards a new era of economic growth through the development of its Blue Economy. … Read More

Albania’s Economic Growth / GDP Surges by 3.46% in Q3 2023         In a positive turn of events for Albania, the nation’s Gross Domestic Product (GDP) has experienced substantial growth, marking a notable increase of 3.46% in the third quarter of 2023. This economic upswing reflects a resilient and dynamic economy that continues to demonstrate its potential … Read More

New Changes to Income Tax Nr. 29/2023 In accordance with Article 101 of the Constitution, with the proposal of the Minister of Finance and Economy, the Council of Ministers DECIDES: In Law No. 29/2023, “On income tax,” as amended, the following changes and additions are made: Article 1 In paragraph 1 of Article 65, the words “… and no later … Read More

2024 Government Initiative: Streamlining Tariffs and Tax Policies The Albanian government plans to phase out reduced tariffs and tax exemptions over the next two years. In an official document addressing the alignment of Albanian legislation with European Union directives, the government acknowledges the ongoing challenge of harmonization. The document outlines priorities and plans until 2030, emphasizing the need to streamline … Read More