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VAT, the tax expected to be kept in the 2024 budget. What are the expected sources of its increase?

2023-11-07 13:46:30Biznes SHKRUAR NGA REDAKSIA VOX

VAT, the tax expected to be kept in the 2024 budget. What are the expected

The 2024 budget project, the main topic of these days, has detailed expenses, but what is more important, the collection of income to ensure the state coffers.

An important item of the latter is the Value Added Tax (VAT), where the revenue from this tax is estimated to be around ALL 211.2 billion, ALL 11.2 billion or 5.6% more than expected for 2023.

But what does the Ministry of Finance and Economy list as a source of VAT growth for next year?

Specifically, MFE lists as sources the increase in VAT revenue generated by additional economic growth and the price index, the increase in revenue from expanding sectors such as tourism, accommodation and all other sectors of the economic chain that supply tourism, as well as the improvement of VAT administration from the fiscalization system and the consolidation of electronic invoicing.

Revenues from VAT on imports during the January-September period of this year were realized in the amount of ALL 107.7 billion, with non-realization in the amount of 10.3% compared to the plan of the period. According to the MFE, VAT revenues on imports have been significantly impacted by strong changes in the exchange rate, which have reduced the VAT calculation base for imported goods.

The increase in VAT due to the increase in the volume of import of goods has not compensated for the significant decrease in VAT due to the reduction of the VAT calculation base as a result of the devaluation of the euro and the dollar.

 


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