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Albania

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About

Albania

Capital
Official languages
Population 
Currency

ISO 4217

Tirana

Albanian

2,877,797 (as of 2019)

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ALL

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Economy

Albania has seen a steady improvement in its economy over the past few years. According to the World Bank, the country's GDP grew by 3.2% in 2019, and is projected to grow by 3.3% in 2020. The unemployment rate has also decreased from 16.2% in 2017 to 14.2% in 2019. Inflation has been relatively low, with an average rate of 1.9% in 2019.

The country has also seen an increase in foreign direct investment (FDI). In 2019, FDI inflows reached $1.2 billion, a significant increase from the $845 million in 2018. This has been driven by increased investment in the energy, tourism, and manufacturing sectors.

Overall, Albania's economy has seen positive growth in recent years, and is expected to continue to improve in the coming years.

Taxation

In Albania, both corporate and personal taxation exist. Here is a brief overview of the tax system in Albania:


Corporate taxation:

- Corporate income tax in Albania is a flat rate of 15% on net profits.

- Companies are required to file their tax returns and pay the tax due by March 31st of the following year.

- Companies must also make advance payments of their estimated tax liability on a monthly basis.


Personal taxation:

- Personal income tax in Albania has a progressive rate ranging from 0% to 23% depending on the level of income.

- Taxable income includes salaries, wages, profits from business activities, and other sources of income.

- The tax year in Albania runs from January 1st to December 31st.

- Individuals must file their tax returns and pay any tax due by April 30th of the following year.


Other taxes:

- In addition to corporate and personal income tax, Albania also levies a 20% value-added tax (VAT) on most goods and services.

- Property tax is also imposed in Albania, with rates ranging from 0.1% to 0.3% of the property's value.


It is important to note that the tax system in Albania is subject to change, and companies and individuals should seek professional advice on their specific tax obligations and requirements. Additionally, there are penalties for late payments, so it is important to adhere to the payment schedule.

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