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Albania Urged To Reduce Tax Exemptions

by Ulrika Lomas, Tax-News.com, Brussels

19 February 2016


The International Monetary Fund (IMF) has advised the Albanian authorities to curb their use of tax breaks.

Following the fifth and sixth reviews of Albania's performance under an IMF-backed economic program, Min Zhu, Deputy Managing Director of the Fund, said: "The authorities' goal of continued fiscal consolidation, with an adjustment strategy based on broadening the tax base and improving tax compliance and administration, is appropriate. To this end, they should reduce reliance on one-off measures and avoid granting any further tax exemptions or preferential tax rates."

"In addition, the authorities' drive to improve tax compliance should be better aligned with international best practices and should focus on increasing voluntary compliance," he said.

The Executive Board approved a 36-month extended arrangement under the Extended Fund Facility for Albania on February 28, 2014, in a deal worth about EUR330.9m.

TAGS: compliance | tax | economics | tax compliance | tax incentives | fiscal policy | International Monetary Fund (IMF) | Albania | tax rates | tax breaks | tax reform

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