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How will unjustified assets of individuals be discovered? Taxes get increased powers

2024-07-04 13:21:40Biznes SHKRUAR NGA REDAKSIA VOX

The tax administration will focus on the identification of individuals with unjustified assets, that is, those who do not have legal income for the purchase of property or vehicles at their disposal.

In the sectoral strategy of public finance management 2023-2030, it is stated that the goal of taxes for 2030 is to increase revenue mobilization, with the aim of creating fiscal space for investments and sustainable development.

And to achieve this goal, special focus will be on the assessment of cases of large unexplained wealth of individuals, giving inspectors the legal power to make tax assessments through indirect methods especially for individuals who do not participate in the Declaration Program Volunteer. A process that has apparently started and is expected to be completed at the end of 2026.

But in addition to the evidence, the main goal is to tax any unjustified wealth inside and outside the country, which tax will be higher than what is paid for other properties.

According to the document, to strengthen compliance among high-net-worth individuals, a specialized department has been newly created in the General Directorate of Taxes. Also, a fiscalization initiative was finalized in 2022, aimed at providing this institution with mandatory real-time data. This includes the integration of an Information Technology system that captures cash register and e-invoice information.

The tax administration intends that, through the reforms undertaken in the field of tax administration, in 2027 the target of tax revenues of 27.7% of GDP or +2.5% over 2019 as the base year will be reached.

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