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Salary increase in the administration? Personal income tax hits 10-year record high

2023-11-30 10:22:58Biznes SHKRUAR NGA REDAKSIA VOX

Salary increase in the administration? Personal income tax hits 10-year record

The increase in salaries in the public sector, which became effective this year, in addition to the increase in monthly income for employees, has brought more benefits to the state budget. Collections from personal income tax, where the most important part is occupied by salaries, in the period January-October 2023 are marked at the level of 48.4 billion lek, marking the record of the last decade. The increase compared to the 10th month of the previous year is nearly ALL 10.7 billion, while this difference deepens significantly compared to previous years.

If they compare the monthly increase in the tax collected from personal income, since the entry into force of the new salaries for the public administration during this year, it is noted that the increase for each month is an average of 1.1 billion lek or 11 million dollars. In other words, the effects on the budget from the salary increase reform results in approximately 1.1 billion ALL more income per month or 13.2 billion ALL per year.

In next year's draft budget, the government has again planned a salary increase for teachers, white-collar workers, rank-and-file employees and those in the administration, which from July onwards will cost 11 billion lek for 2024. But a part of this increase will be returned to the budget again through the payment of personal income tax, as citizens will pay more tax.

From June 1, the government changed the salary taxation formula, where the tax rate for salaries was reduced from 0-50 thousand ALL.

In the item of personal income tax, the highest contribution is made by the tax on the salaries of employees in the private and public sector, followed by the tax paid from the sale of real estate, which is at the level of 15 percent, as well as the tax on rents. Tax on income from dividends and tax on interest income also occupy a considerable space. Personal income tax is the second most influential item in the annual state budget, after VAT, and accounts for nearly 26.7% of total tax revenue.


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