Simplified tax on small business profits

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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

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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Growth and Sustainability         Albania’s government recently passed a progressive tourism law, replacing the outdated 2015 legislation.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

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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

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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

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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

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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

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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

Corporate Income Tax / Legal changes after January 2024

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Corporate Income Tax / Legal changes after January 2024 Starting from January 2024 related party transactions must adhere to market principles. If the conditions of taxable profits from controlled transactions align with those that would apply between independent parties in similar circumstances, they are considered in line with market principles. Rules and procedures for implementing these guidelines are approved under … Read More

Foreign Investments in Albania / Focus on Priority Sectors

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Foreign Investments in Albania / Focus on Priority Sectors Albania is on the verge of introducing a unified investment law to enhance its appeal to foreign enterprises, according to Finance and Economy Minister Ervin Mete. Speaking at the presentation of the Foreign Investors Association in Albania’s (FIAA) 2023 Business Environment survey, Minister Mete emphasized ongoing efforts to draft a new … Read More

Audit Trends in Albania: What to Expect in 2024

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Audit Trends in Albania: What to Expect in 2024 Audit Trends in Albania: What to Expect in 2024 As the business landscape in Albania continues to evolve, the role of auditing has become increasingly crucial for maintaining transparency, ensuring financial integrity, and fostering investor confidence. The year 2024 is poised to bring about several significant trends and shifts in the … Read More