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'Fiscal amnesty', the European Commission 'slaps' Rama: Essential risk for the country's reputation

'Fiscal amnesty', the European Commission 'slaps' Rama:

The European Commission has expressed concern about the law on fiscal amnesty that the Albanian government will approve.

Through a statement from the EU delegation in Tirana, the European Commission underlines that the draft of the "Rama" government will damage Albania's reputation and that it would weaken Albania's controls against money laundering.

"The commission highlighted serious concerns about the current draft law on fiscal amnesty. It would weaken Albania's anti-money laundering controls while doing little to enhance the tax administration's ability to improve future compliance with tax requirements.

Furthermore, because non-tax residents, including Albanians living in the EU or the Western Balkans, fall within its scope and are required to import cash in order to benefit from the amnesty, the current draft of the law raises serious concerns for Member States of the EU and other partners, as well as an essential reputational risk for the country", says the announcement of the EU office in Tirana after the 13th meeting of the Subcommittee on Trade, Industry, Customs and Taxation between the EU and Albania in Brussels.

The Ministry of Finance and Economy has prepared the draft law "for Fiscal Amnesty", which allows an individual together with his family members to have the opportunity to legalize assets worth up to 2 million euros.

Individuals who benefit from this pardon must be Albanian citizens, regardless of where they live, and must not hold or have held high public positions.

In addition to monetary values, the legalization of real estate, business balance sheets, and valuables such as cars, works of art, and precious stones will be allowed. For the latter, the persons who will make the crossing at the border points will be equipped with a special certificate from the authorities.

The amnesty process will last 9 months and the tax that will be withheld for those who declare the first 4 months is 7% of the value and 10% for the last months.

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