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"Taxation for small businesses should be restored", the IMF recommends the government: More income is needed!

2023-10-29 10:29:27Biznes SHKRUAR NGA REDAKSIA VOX
"Taxation for small businesses should be restored", the IMF recommends
Market in Tirana

The International Monetary Fund recommends the Albanian government to take fiscal measures that bring more revenue, such as the removal of other VAT exemptions and the removal of the zero tax rate for small businesses.

The concluding statement describes the preliminary findings of the IMF staff at the end of the visit to Tirana, emphasizes that a medium-term income strategy is needed for a reliable fiscal consolidation.

The announcement states that "the authorities have approved laws for some of the reforms in tax policies in accordance with the previous technical assistance of the IMF. Timely approval of the measures that are expected to be taken is very important, including reforms in the property tax and gambling." In the meantime, it is said that the work must be completed to meet the prerequisites for the timely implementation of property tax reforms, including the establishment of a centralized fiscal cadastre and its implementation.

"Further revenue collection will depend on strengthening revenue administration, including increasing tax compliance of wealthy individuals, and the action plan for the General Directorate of Taxes. Progress in these areas will also support greater efforts to reduce informality and broaden the tax base," the statement said.

The IMF emphasizes that the inclusion of public-private partnerships (PPP) in the usual framework of public investments and in budget processes is an urgent need and for this legal changes are needed. "The planned publication of a separate overview of fiscal risks in 2024 is an important step towards future monitoring of fiscal risks, including risks arising from PPPs, implicit and legal contingent liabilities, and enterprises with state ownership, the statement said.

As a whole, the International Monetary Fund has come to the conclusion that Albania's economic perspective is expected to be sound. A day ago, the government approved the draft budget and fiscal package for 2024, where as far as taxes are concerned, there were only changes in the proposal to set a ceiling on the excise duty on goods.


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