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IMF Recommends Broader Tax Base For Albania

by Ulrika Lomas, Tax-News.com, Brussels

05 October 2017


The International Monetary Fund has proposed a number of reforms to broaden Albania's tax base.

The Fund said the country's "tax efficiency is low compared to neighboring countries reflecting high tax thresholds and weak compliance." In addition, it said Albania's tax mix – in particular its reliance on specific taxes – means that revenues drop or rise considerably when economic activity rises or falls.

The IMF proposed it should index excises to inflation and introduce a transfer duty on property sales. This should be carried out ahead of the planned introduction of a value-based property tax, plans for which the Fund welcomed.

The Fund concluded that "authorities should refrain from granting any new tax exemptions or preferential tax treatments, or lowering tax rates," and encouraged authorities to improve the design of VAT and CIT taxation on small businesses, potentially by introducing simplified arrangements for smaller entities.

TAGS: compliance | tax | small business | business | tax compliance | property tax | International Monetary Fund (IMF) | Albania | tax rates

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