The draft law “On the Invoice and the Monitoring System of Turnover” has been submitted for public consultation as of August 1, as previously announced by Minister of Economy and Finance Ms. Anila Denaj.
For the Ministry of Finance and Economy, the public consultation process is considered very important during this period, and it invites all interest groups and the general public to provide their comments and suggestions in order to ensure a transparent and inclusive process.
We would like to inform you that this draft law, also known as “Fiskalizimi,” can be found by all interested parties on the online platform: http://www.konsultimipublik.gov.al/Konsultime/Detaje/195.
The General Directorate of Taxes has created a dedicated menu on fiscalization on its official website: https://www.tatime.gov.al/c/424/fiskalizimi, where you will also find the draft law and the most frequently asked questions and answers for each of them, updated.
For comments, questions, and suggestions from any interested party, a dedicated technical staff is available and can be contacted at the following email address: [email protected].
The public consultation phase will last until the end of August 2019.
Also, in order to ensure the most comprehensive communication, broad discussion tables are planned to be organized with interest groups, such as: accountants, Information and Technology sector specialists, business associations, chambers of commerce, the Investment Council, the Tax Advisory Council, etc.
The draft law aims to create a new system for invoicing and monitoring business transactions in the country. It provides that, starting January 1, 2020, all transactions between businesses and consumers will be reported to the Tax Administration in real time, based on the new fiscal device system, while as of January 1, 2021, all transactions between businesses and between businesses and public authorities will be conducted on the basis of electronic invoices.
The Fiscalization Reform is a major commitment by the Albanian Government in an effort to minimize the informal economy through the modernization of the tax monitoring system. The objective of this project is:
• Minimizing the level of the informal economy;
• Improvement of revenue collection;
• Easier identification of tax evasion;
• Making the tax audit more cost-efficient;
• Lowering the level of corruption in the administration;
• Offering more public services for citizens and businesses;
• Aligning Albania more closely with European Union standards.
Source: Official Page and DPT