The Ministry of Finance has finalized the tax amnesty bill which will allow the declaration and deposit of assets legally in banks, without fiscal obligations and without criminal liability.
The bill is expected to be voted on in parliament in the following weeks.
The Amnesty will benefit:
- All Albanian citizens who have undeclared income;
- All Albanian companies that have undeclared income;
- All Albanian emigrants who have created savings while abroad.
The amnesty will include two kinds of assets: money and other assets like real estate, cars, etc.
The declaration of money will follow this procedure:
- Verification by a special state unit;
- Depositing money in a bank;
A similar procedure will also be followed for the declaration of other assets, though further specification will be provided by the Ministry of Finance’s instructions after the bill has passed. The declaration of real estate will also include their registration at the Asset Registration Office (Hipoteka).
The amnesty is expected to last one year and has three four-month phases:
- In the first phase, the obligation to the state to deposited money will be 5 per cent of the amount;
- In the second phase it will be 7 per cent;
- In the third phase, it will be 10 per cent.
The government guarantees that the beneficiaries will not be prosecuted for not previously declaring income and not paying taxes.
All those convicted of certain criminal activities, politicians, high-ranking officials, state police and magistrates, as well as their families, are excluded from the amnesty.