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. Albania … Read More
Albania’s Economic Growth / GDP Surges by 3.46% in Q3 2023
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 on … Read More
New Changes to Income Tax Nr. 29/2023
New Changes to Income Tax Nr. 29/2023In 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 than … Read More
2024 Government Initiative: Streamlining Tariffs and Tax Policies
2024 Government Initiative: Streamlining Tariffs and Tax PoliciesThe 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 tax … Read More
Corporate Income Tax / Legal changes after January 2024
Corporate Income Tax / Legal changes after January 2024Starting 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 the … Read More
Foreign Investments in Albania / Focus on Priority Sectors
Foreign Investments in Albania / Focus on Priority SectorsAlbania 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 legal … Read More
Audit Trends in Albania: What to Expect in 2024
Audit Trends in Albania: What to Expect in 2024Audit 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 audit … Read More
Cryptocurrency and Blockchain: Transforming Albanian Accounting Practices
Cryptocurrency and Blockchain: Transforming Albanian Accounting PracticesCryptocurrency and Blockchain: Transforming Albanian Accounting Practices In recent years, the global financial landscape has witnessed a revolutionary shift with the advent of cryptocurrencies and blockchain technology. Albania, a country known for its rich history and cultural heritage, is not immune to these changes. The implications of cryptocurrencies and blockchain on Albanian accounting are … Read More
Navigating International Financial Reporting Standards (IFRS) in Albanian Businesses
Navigating International Financial Reporting Standards (IFRS) in Albanian BusinessesNavigating International Financial Reporting Standards (IFRS) in Albanian Businesses In the globalized economy, the adoption of common financial reporting standards is crucial for fostering transparency and comparability across borders. For Albanian businesses, aligning with International Financial Reporting Standards (IFRS) has become not only a best practice but also a strategic imperative. This … Read More
TAXATION OF PROFESSIONALS New Regulations
TAXATION OF PROFESSIONALS New RegulationsTAXATION OF PROFESSIONALS – New Regulations Starting from January 1, 2024, the implementation guidelines for the “Income Tax” law come into force. The published guidelines in the Official Gazette, through concrete examples, specify that under the new law, employment income will be taxed at progressive rates of 13% and 23%; net business income will be taxed … Read More
