Understanding Salary Contributions and Taxes in Albania       Understanding Salary Contributions and Taxes in Albania In Albania, wages are the primary source of income for most individuals, accounting for over 60% of household earnings. For 2024, the minimum wage is set at 40,000 ALL, which forms the basis for calculating taxes and social contributions. Social Security and Healthcare … Read More

Albanian Investment Funds Continue Recovery, Posting 23% Year-Over-Year Growth in NAV by End-March       The investment funds market has seen a steady recovery in the first quarter of this year, with net assets reaching ALL 51.7 billion. This marks a 2.8% increase from the end of last year and a significant 23% rise compared to the same period … Read More

All Entities Must Declare Property Ownership Status in e-Filing for Economic Activity Locations by October 20         The Tax Administration urges all taxpayers to declare in e-Filing by October 20th the ownership status of their business locations and submit verifying documents (such as property deeds or lease agreements). This information is crucial for the accurate calculation of … Read More

Free Professions Granted Tax Exemption Until 2029 Following Court Reversal       At 18:00 yesterday, President Holta Zaçaj of the Constitutional Court announced a significant decision regarding freelancers’ taxation. The Court unanimously decided to annul Article 69, point 10 of the law, which imposed a 15% tax rate on freelancers. President Zaçaj stated that this tax measure was deemed … Read More

Albania’s State-Funded Tourism Investment: A 100% Financing Initiative \     Following a remarkable revenue influx of 4.1 billion euros from tourism in 2023, the government of Albania is poised to further bolster this sector by financing key strategic projects. In a directive issued by the Ministry of Tourism and Environment, published in the Official Gazette, it has been stipulated … Read More

Tirana: The Ultimate Destination for Italians       This summer, Italians traveling abroad are most frequently heading to the Albanian capital, Tirana, followed by the Greek island of Corfu and Paris. Remarkably, Japan is the only intercontinental destination to make it into the top ten. This insight comes from Travel Trends, as reported by the Mastercard Economic Institute in … Read More

Rising Prices Drive Surge in Albanian Business Deposits       In 2023, business bank deposits in Albania experienced significant growth. Data from the Bank of Albania reveals that by the end of the year, business deposits in banks had reached a record 360 billion ALL, marking a 15.5% increase compared to the previous year. This surge in business deposits … Read More

Notice Regarding the Option for Tax Bracket Review by the General Directorate of Taxes       The GDT emphasizes that the calculation of preliminary tax installments for the year 2024, particularly for professional services, is based on a percentage of the self-declared profits for the year 2023. As 2024 marks the initial implementation year of the new tax law, … Read More

Anticipated Access to SEPA Set to Lower International Transfer Costs in Albania       Entering the Single Euro Payments Area (SEPA) is anticipated to lead to a notable reduction in the costs associated with international transfers. This move holds considerable promise for streamlining financial transactions across borders, offering lower expenses and faster processing times. Albania’s forthcoming membership in SEPA … Read More

The Impact of High Taxes on Free Professions and the Role of Financial Consultation       The recent implementation of income tax laws for self-employed professionals in Albania has sparked concerns and raised significant challenges, particularly for liberal professions such as psychologists and lawyers. The tax burden imposed by these laws has been described as excessively high, with professionals … Read More