Albania: Tax Administration announces CRS reporting deadline
On 15 April 2024, the Albanian Central Tax Administration declared that financial institutions must report for the automatic exchange of financial account information (AEOI) under the common reporting standard (CRS) by the deadline of 30 May 2024.
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Albania: New law brings significant changes to withholding tax application
Albania’s newly enacted Income Tax Law No. 29/2023 significantly modifies the imposition of withholding tax. One key aspect of this updated income tax legislation is the distinction it highlights between payments to registered persons (local
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Albanian official Gazette publishes revised AEOI jurisdictions list
On 5 January 2024, Albania's Official Gazette announced Decision No. 817, a major update to its automatic exchange of financial account information (AEOI) program. This decision revamps the lists of participating and reportable jurisdictions,
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Albania introduces new income tax framework, bringing significant changes from 2024
On 20 September 2023, Albania released Income Tax Instruction No. 26 in the Official Gazette, laying the groundwork for the enforcement of Income Tax Law No. 29/2023. The Income Tax Law No. 8438/1998 was repealed and replaced by Law No. 29/2023,
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Albania: Council of Minister accepts draft bill on tax measures in science-technology parks
The Albanian Council of Ministers approved a set of Decisions, including DCM no. 337 from 31 May 2023, and DCM nos. 416, 417, and 148 from July 7, 2023. These decisions, which have immediate effect upon publication in the official gazette, are aimed
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Albania: Government approves new law to attract “Digital Nomads”
The Albanian Parliament approved Law no. 36/2023, to foster tech and innovation start-ups. The law supports “digital nomads” foreign professionals using technology provide their professional services on behalf of entities without an Albanian
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Albania implements comprehensive income tax reform: major changes to corporate, individual, and withholding tax laws
On 2 May 2023, Law No. 29/2023 "On income tax" was published in Albania's official gazette, introducing significant changes to corporate income tax, individual income tax, and withholding tax. The new law will come into effect on 1 January 2024,
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Albania releases a law amending transfer pricing provisions
On 23 May 2023, Vietnam has deposited its instrument of approval for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS Convention). This move makes Vietnam the 81st jurisdiction to
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Albania introduces windfall tax on electricity producers
On 18 January 2023, Albania gazettes Law 98/2022 regarding introduction of a temporary windfall tax on excess income of energy producers. This windfall tax is imposed at a rate 50% on excess income on the sale of electricity at a price above
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Albania plans to amend income tax law
On 27 October 2022, the Albanian parliament is taking into account a draft bill, which proposed an amendment to the income tax law. The new bill includes the following measures: Extend the time period for loss carryover from 3 years to 5
See MoreWorld Bank Economic Memorandum on Albania
On 11 February 2022 the World Bank published a document entitled: Albania Country Economic Memorandum: Strengthening the Sustainability of Albania’s Growth Model. The document looks at Albania’s economic challenges, examines progress with
See MoreDTA between Albania and Iceland enters into force
The Icelandic tax authorities announced the Albania - Iceland Income Tax Treaty of 2014 entered into force on 6 January 2016 and applies from 1 January
See MoreRomania and Albania sign social security agreement
Romania signed a social security agreement with Albania on 27 February 2015. No details are now
See MoreIceland-Albania: Signed an income tax treaty
Iceland and Albania signed an income tax treaty on 26 September 2014. Further details will be reported
See MoreAlbania-UAE Income and Capital Tax Treaty has been ratified
The Income and Capital Tax Treaty between Albania and United Arab Emirates has been ratified on June 19, 2014 by the Albanian Parliament by way of Law No. 61/2014 as released in the Official Gazette No. 109 of July 11, 2014. Further details will be
See MoreDTA between UK and Albania entered into force
The Double Taxation Agreement (DTA) between UK and Albania has entered into force on December 30, 2013. The agreement follows the OECD Model Convention. It sets out reduced withholding tax rates as follows: 5 percent on dividends for companies
See MoreIndia-Albania: New DTA enters into force
An income tax treaty between India and Albania entered into force on 4 December 2013 and is effective from 2014. This was confirmed by an Indian notification 6 January 2014.
See MoreTreaty between Albania and United Kingdom signed
On 26 March 2013, Albania and the United Kingdom signed a Double Taxation Agreement. The agreement generally follows the provisions of the OECD Model, with some modifications. The agreement will enter into force when the appropriate ratification
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