Albanian citizens to pay taxes only once a year

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Albanian citizens will pay taxes once a year, a model used in the United States and some European Union member countries.

Euronews Albania read the bill being drafted by the Ministry of Finances on extending progressive taxation in all sectors where citizens earn an income.

If now the payroll tax is at the rate of 0.13 and 23%, based on its level, any other income received from rents, bank interests, service contracts, gambling, or the sale of real estate, is taxed at 15 %.

This level of taxation is due to change. If a person makes an income over 2 million Albanian Lek from other activities, they will be taxed 23%, not the previous 15%.

Corporate profit tax will also remain at 15%.

The IMF started working three years ago on creating an income tax scheme integrated into a single system and not fragmented as it is today.

The initiative is expected to increase the tax burden for citizens and increase revenues in the state budget.

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