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Revenues from oil and mineral exports decrease. What are the reasons?

2024-01-26 13:42:44Biznes SHKRUAR NGA REDAKSIA VOX

Revenues from oil and mineral exports decrease. What are the reasons?

The state budget collected about 2.9 billion ALL from the export royalty tax in 2023, marking a significant decrease, compared to the same period a year ago. According to official data from the General Directorate of Customs, in relation to 2022, revenues from mining rents fell by 30%, causing the budget to collect 1.3 billion lek less than last year. This decrease in income seems to reflect the decrease in the price of oil in the international markets.

This is because the companies pay the mining rent to the state, which is calculated on the taxable value of income from the activity of oil and mineral extraction. The decrease may also be caused by the drop in production, but at least the state oil company Albpetrol reports almost the same amount of production for the years 2022-2023.

Meanwhile, data from Bankers Petroleum, which operates in the largest oil-bearing field, Patos Marinza, has not been made public. Even the amount of minerals produced during the year just left has not been published yet.

However, in 2021, legal changes came into force that exempted from the royalty tax for a period of 3 years metallic minerals that are processed in the country and exported in the form of mining by-products.

The purpose of this measure was to support the metal mineral processing industry, which was experiencing a period of deep crisis as a result of the effects of the COVID-19 pandemic, which have caused a decrease in the demand and prices of the international market of mineral mineral by-products.

For hydrocarbons, the mining rent is calculated by applying a rate of 10 percent of the market value of oil and gas extracted in the territory of the Republic of Albania. For chromium, copper and iron-nickel, it is 6%, while for other minerals it varies from 4%-10%.

 


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