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Fiscal changes, increase in real estate tax. In what cases will there be exceptions?

2024-09-23 11:56:00Biznes SHKRUAR NGA REDAKSIA VOX

Fiscal changes, increase in real estate tax. In what cases will there be

The government will revise the taxes on real estate in the next three years according to the new fiscal strategy 2024-2027.

Currently, real estate tax in Albania contributes 0.3% of GDP, while the average income generated by property tax in other countries of the region is around 0.8% of GDP.

For this purpose, the fiscal cadastre is being prepared and the implementation of taxation based on the market value for buildings starting from 2026, as well as the implementation of taxation based on the market value for plots will start from 2028.

In 2018, changes were approved in the real estate and building taxation scheme, moving from a fixed quota tax per m2 to an ad valorem tax, i.e. with a percentage on the value of the real estate-building.

This reform was accompanied by the creation of the Tax Cadastre and the Real Estate Registry where real estate, owners, location, property value and other data are recorded.

The adoption of the law was accompanied by the establishment of some exemptions from the payment of the tax. The new fiscal strategy argues that, from preliminary assessments, it is observed that some exceptions should be eliminated, and there is room to increase the property tax rate.

In order to increase property taxes, a new law "On property tax" will be drawn up. This law is drafted with the assistance of the Swedish International Development Agency (SIDA) and will be in the process of public consultation.

"There will be reviews of real estate tax exemptions. Since real estate tax revenue is the main source of local government revenue, it is necessary that exemptions are kept to a minimum, and in the meantime, tax breaks for vulnerable groups should be provided through other mechanisms and forms." referred to in the draft.

 


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