“Double taxation” is when the same income, earned by the same person, is taxed twice: once in the country where the income is realized and once in the country where the taxpayer has his residence. Double taxation arises when both countries claim that, based on the criteria of their domestic laws (which may be different), a natural person or an entity is considered resident in both countries (dual residence) and is subject to the obligation of full tax in both states. As a result of this issue, “Double Taxation Avoidance Agreements” were created .

The Double Taxation Treaty agreement (DTT) contains criteria and rules that determine in which contracting state a natural person or entity will be considered a resident, regardless of the provisions of the internal legislation of the contracting states. Agreements for the avoidance of double taxation allow the elimination of double taxation by determining which of the countries has the right to tax some income of an entity or natural person, or by dividing this right between the two countries, but without burdening the taxpayer with double taxation. These agreements also aim to avoid fiscal evasion through the exchange of information for all natural persons or entities that exercise activity in both countries between which the Agreement was concluded.

Albanian resident tax payers must complete the documentation according to the deadlines specified in the law.

The documentation that proves the implementation of DTT is:

Deadlines for submitting/uploading documentation in the tax system and penalties.

Pursuant to the law “On tax procedures in the Republic of Albania “, the following deadlines are set for the uploading/submission of supporting documentation by the taxpayer for the implementation of the DTT:

a) The documentation listed above must be uploaded to the electronic tax system/submitted within the calendar year following the year in which the provisions of the DTT-s are implemented. If the electronic tax system does not allow the electronic upload of the documentation, or there are technical problems, the taxpayer submits the requested documentation to the relevant regional tax directorate by official letter on paper or with an electronic carrier (CD).

b) If the taxpayer does not upload the documentation to the system/does not submit it within the deadline set at that time, a fine of 10,000 ALL will be applied to the taxpayer for each month of late submission. This fine is applied up to the following 24 months, after the end of the specified period.

c) If the taxpayer does not submit the documentation even after the 24-month deadline has passed, then the taxpayer loses the right to apply the provisions of the DTT and must pay/return the unpaid taxes or the reduced part of the tax according to the DTT , as well as fines and interests for late payment in accordance with the Law “On Tax Procedures in the Republic of Albania”.

DTT , Documents , Deadlines .

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TAX NEWS IN ALBANIA

AEcO Business Solutions has created the Tax Newsletter, covering the period from January to December 2023 with the aim of providing both local and international businesses with answers to key questions regarding tax regulations in Albania

Download below:

The post AEcO NEWSLETTER JANUARY-DECEMBER 2023 appeared first on AEcO.

AEcO Business Solutions is delighted to announce a significant milestone: we have joined the distinguished ETL GLOBAL group.

Headquartered in Essen, Germany, ETL GLOBAL is a highly respected professional services firm with a legacy spanning over 50 years. The firm is celebrated for its strong emphasis on small and medium-sized enterprises (SMEs) and its comprehensive, integrated approach that seamlessly combines tax, legal, audit, and accounting services. Over the years, ETL GLOBAL has grown into a formidable network, comprising over a thousand seasoned professionals, including tax and legal experts, accountants, auditors, and business consultants.

Our integration into ETL GLOBAL marks a pivotal moment for AEcO Business Solutions. This partnership provides us with access to a vast pool of international expertise and resources, significantly enhancing our capabilities and service offerings. We are enthusiastic about the collaborative opportunities ahead and confident that this alliance will drive our growth and enable us to deliver even greater value to our clients.

We are honored to be part of the ETL GLOBAL family and look forward to the synergies and advancements this partnership will bring. For more information and to stay updated with ETL GLOBAL, we encourage you to connect with them on LinkedIn.

For more information connect with ETL GLOBAL on LINKED IN .

The post AEcO BUSINESS SOLUTIONS celebrates its entry into ETL GLOBAL GROUP ! appeared first on AEcO.

#Junior Accountant

Send you CV to the following email: info@aeco.al

About the job

The successful candidate should possess the following qualities and qualifications:

• University Degree in Finance – Accounting
• Second University diploma and/or a Master degree is a plus.
• Knowledge of updated tax legislation.
• A fluent English and Italian (is a plus) speaker and writer (we work with foreign clients).
• Capable of writing normal official correspondence with clients.
• Capable of working under pressure and meeting deadlines for oneself.

The post Open Position: Junior Accountant appeared first on AEcO.

The biggest increase of 76% compared to 2019 was experienced by “area 7/4”, which includes the roads from the “New Ring”, the “Flour Factory”, the former Aviation Field and Yzberisht. This was followed by a very high increase for the Area of Farka (73%), Petrela and Peza (60%) and further according to the following table:

The average reference prices for the sale and purchase of buildings for residential purposes are expressed in Lek/square meter according to the cities in Albania and according to the relevant areas in the Municipality of Tirana, where the most significant changes have occurred.

As a result of the increase in the sale and purchase average prices of buildings, the minimum reference prices for rental contracts of businesses also increases to the same extent, for which, the businesses will have to declare and pay a higher withholding tax for rent, for those cases where they have concluded a rental contract with a price very close to the minimum allowed by law from the previous DCM.

All entities should review the rent contracts and WHT declarations on Rent to check if they are affected by the new reference prices of buildings as per their territorial area.

• AEcO Business Solutions

For more information, please feel free to contact us at info@aeco.al or subscribe to our website to receive the latest amendments happening in the field of tax and more.

The post Legal changes to the average reference prices for the sale and purchase of buildings for residential purposes in Albania appeared first on AEcO.

TAX NEWS IN ALBANIA

AEcO Business Solutions has created the Tax Newsletter, covering the period from January to December 2022 with the aim of providing both local and international businesses with answers to key questions regarding tax regulations in Albania

Download below:

The post AEcO NEWSLETTER JANUARY-DECEMBER 2022 appeared first on AEcO.

TAX NEWS IN ALBANIA

AEcO Business Solutions has created the Tax Newsletter, covering the period from August to December 2021 with the aim of providing both local and international businesses with answers to key questions regarding tax regulations in Albania.

Download below:

The post AEcO NEWSLETTER AUGUST-DECEMBER 2021 appeared first on AEcO.

TAX NEWS IN ALBANIA

AEcO Business Solutions has created the Tax Newsletter, covering the period from January to July 2021 with the aim of providing both local and international businesses with answers to key questions regarding tax regulations in Albania.

Download below:

The post AEcO NEWSLETTER JANUARY-JULY 2021 appeared first on AEcO.