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FIAA organizes Roundtable on the Draft Law on Invoices and the System for Monitoring the Transactions

September 11, 2019
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Over the last months, FIAA has circulated for consultation among its members the Draft Law on “Invoices and the System for Monitoring the Transactions”. The changes proposed in this draft law are expected to have a broader impact for business in Albania in the next year.

As a follow up of the potential issues identified by FIAA members, various comments and opinions, in September 11th, FIAA organized a technical level consultation Roundtable with the participation of the Vice Minister of Finance and Economy Mr. Elton Haxhi and the Ministry’s Advisor Mrs. Arjana Dyrmishi.

Several representatives of FIAA shared their opinion and introduced relevant recommendations and arguments in support of improvements of the draft. There were several questions from business related to the manner the transactions’ law would function, administrative duties, necessary training, categories to be included and excluded, etc.

Based on the collected recommendations and comments, Experts in charge will continue to improve the Draft and try to reflect the Business Concerns shared during the Discussion. FIAA looks forward to the final reviewed draft law.

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Investment Law, discussions are going on

June 26, 2019
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During the last months, FIAA has circulated among its members the Draft Unified Investment Law, which is open for consultation. As a follow up of the various comments and opinions, the Responsible Body for its Business Consultation, the Albania Investment Council in cooperation with the Ministry of Finance and Economy and presence of IFC Experts organized in June 25th a consultation round table.

FIAA was present with several Representatives, who shared their opinion and introduced the member’ recommendations in support of a good Investment Law in Albania. The discussion was mainly focused on the general terms of the Draft Law principles, but also didn’t miss the technical level discussion, along with lots of relevant arguments. Based on the collected recommendations and comments, the Experts in charge will continue to improve the Draft and try to reflect the Business Concerns shared during the Discussion.

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Labor Inspectorate and Public Procurement Agency agree on Implementation of Labor Code for Businesses

June 15, 2019
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Businesses should be aware of the obligations to abide by the Labor Code, requiring them to treat their employees fairly and equitably regardless of their gender or other characteristics, according to a Memorandum of Understanding between the State Labor and Social Services Inspectorate (SLSSI) and the Public Procurement Agency (PPA). The agreement was signed on June 14th by Ms. Reida Kashta, director of PPA and Mr. Arben Seferaj, Chief Inspector at the SLSSI.

The signing ceremony was also attended by Deputy Minister of Finance and Economy, Mr. Erjon Luçi, and the World Bank Country Manager in Albania, Ms. Maryam Salim.

For more information please visit: https://www.worldbank.org/en/news/press-release/2019/06/14/labor-inspectorate-and-public-procurement-agency-agree-on-implementation-of-labor-code-for-businesses

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FIAA presents the outcomes of the Business Environment Survey in Albania 2018-2019

June 8, 2019
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Unfavorable Business Climate, Monopoly and Corruption continue to remain the most concerning issues. 

During a mid-year event in June, FIAA presented the outcomes of its Business Environment Survey 2019. The Survey was conducted among the Membership of FIAA which are the most important foreign businesses in the country, operating in various industries such as, energy, oil, mining, banking, telecommunications, manufacturing, etc, that represent the biggest part of the FDI-s in Albania.

Business estimation on the business climate during the first six months of the year was stated as unfavorable. When asked to rate the climate from 0 to 100, where zero is unfavorable and 100 very favorable, the outcome from businesses was 39. Expectations seems to be a little more positive for the second half of the year with the index rising to 45, but still falling below 50.

The Survey outcome collects as the most concerning, obstacles like monopoly & unfair competition, corruption, Government bureaucracy and informal economy. However, positive feedback was also stated by respondents in the relations with improvements in the banking system policies, access to finance, labor rules, intellectual property rights, and energy supply. Also, the relations with the customs and the central government were rated with positive notes.

During the Results presentation, The Minister of Finance and Economy, Mrs. Anila Denaj, present in the Event, said that the government is open to ongoing dialogue with entrepreneurs. She added that bureaucracies have fallen sharply, as confirmed in the World Bank’s Doing Business report.

Minister Denaj said it is true that 2-3 foreign companies have left Albania, but according to the 5-month data from the National Business Center, 89 new businesses with foreign shareholders have been opened.

Further, the Minister presented the Fiscal project, which the Ministry of Finance has launched this year, with the goal that in the year 2020, all payments can be performed electronically. This will contribute to a very sensitive reduction of informality. She announced to the businesses the results of the reforms undertaken by the government, such as those dealing with deregulation reform, with licenses, that today are given online 99%. During her word Minister Denaj invited the members of FIAA to visit the Vocational Schools and Labor Offices in every location they operate, in order to better mediate the needs of parties, job seekers and employers.

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FIAA Representatives met with an UNDP Mission

May 27, 2019
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FIAA representatives were invited for a business breakfast with UNDP Albania, an activity set up with the most important actors of the private sector in Albania. The UNDP was represented by the Country Resident Head and the representatives from Regional Centre in Istanbul who introduced their recent programs and focus on the private sector engagement and development of partnerships. On the other side, FIAA representatives introduced their initiatives on support of the Economy and Communities they work with. They also emphasized the importance that business has given to Social Responsibility during the recent years and the vision they have to further play a role on the development of the social and economic growth of the country.

During the Meeting were introduced and discussed the Sustainable Development Goals achievement which for, UNDP sees the private sector playing a vital role as an engine of economic growth and creation of jobs.

In this ambit, FIAA was invited to cooperate with UNDP on different projects where, private sector as an important partner for UNDP could play a critical role towards sustainable development and alleviating poverty in its all forms and accelerating structural transformations.

FIAA Representatives expressed their appreciation on this invitation and showed the openness to cooperate with UNDP on these important programs for Albania.

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Investment Council discusses on the Investments and Legal Security on Property

May 20, 2019
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During its May Meeting, Albania Investment Council (IC) discussed on “ Investments and Legal Security on Property”, a meeting chaired by the Minister of Finance and Economy, Mrs. Anila Denaj but with presence of the Key Relevant Stakeholder, Mr. Artan Lame as Head of the Newly created State Agency of Cadastre. In support of this meeting, the Investment Council hold a series of Consultation Meetings with Business Organizations, with FIAA as was one of the Contributors with presented Concerns and Recommendations on the property issues.

In this meeting, FIAA was represented by its official appointed Member in the Council, FIAA’s Chairman Mr. Tom Larsen.

 

For more information please visit: https://www.investment.com.al/investment-council-meeting-on-investments-and-legal-security-on-property/

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Mr. Xingyun Sun – CEO of Bankers Petroleum Albania

April 24, 2019
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We have ambitious plans for our investment and we see the Albanian government as one of the closest partners to develop our strategy and business

 

 

 

FIAA: Mr. Sun, this is your first year in Albania and also the first for the Geo-Jade Corporation. Who is GEO-JADE in China and where is your role consisting in the Acquisition of Bankers Petroleum in Albania?

Mr. Xingyun Sun: “Geo-jade Petroleum Corporation” is a company from China which has been expanding its investments remarkably in the last years. It was founded in August 1984 and is one of the first pilot enterprises in Hainan Province to launch public offering of stocks.  Geo-jade Petroleum Corporation is foraying into Oil & Gas industry, throughout overseas acquisitions of oil and gas assets. The Company has conducted a strategic transition, which has strengthened the company’s capacity for sustainable development.

Currently in Kazakhstan the company holds 100% equity in both Maten oil company and Kozhan company, which are oil producing operators. Since the establishment, the company has always operated fully in compliance with business laws, as well as honestly and trustworthy. Geo-Jade Petroleum has won the best practice in the Belt & Road award on “2014 China cross-border investment Golden Whistle Award” , the economic cooperation achievement award issued by “Silk Road Fund for Peace” , and has also been awarded  the “2016 top 100 enterprises in Hainan Province award” issued by “Federation of Hainan enterprises”.

As regarding to the investment in Balkan region, Bankers Petroleum is one of the most important Chinese investment and its now under the property of Geo-Jade Petroleum. We are very proud of our presence here with Bankers which is the largest taxpayer that represents 5% of Albanian’s GDP. Bankers has invested US$ 2 Billion in Albania, while more will be done by using modern technology and develop further the major asset of the country.

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Investment Council discusses Property Issues with FIAA Members

April 17, 2019
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The Property Issues were at the focus of a discussion Meeting during a round table with several Members of FIAA and Investment Council Secretariat. The discussions intended to address property-related issues from the investors’ point of view and the respective legal certainty that the investors should have in Albania. Most of the identified concerns were related to:

  • High Opportunity of Social Conflicts and Overlapping of Ownership Titles;
  • Failure to develop a structured agricultural market and the lack of an insurance scheme;
  • No access to Financing (Grants / Credits) by the owners;
  • Very Low Property tax related to income;
  • Reduced opportunity for land consolidation and agro-business development;
  • High unemployment at the regional and national level due to lack of investment;
  • Very low level of Foreign Direct Investments in the property/land sector.

Among the main recommendations given for bringing up a safe system, for Owners, Investors, Local Government Units, Central Government and the State Cadastral Agency were:

  1. Update and Improvement process of the properties based on a prioritization of zones,   areas for Tourism, Energy sector, Agriculture/rural investments.
  2. Registration of all Rural Ownership Acts, legalization of the factual situation (without involving the Owners , but with the institutional coordination itself)
  3. Registering of all public properties, based on the relevant Decision of Council Ministers, on behalf of Municipalities and LGUs.
  4. Providing accurate data of the properties,  part of investments  as per  Sectorial Strategy of Tourism, Energy and Agriculture,  before entering in Procurement procedures.

Other discussions will follow in the upcoming months with involvement of different stakeholders for a better approach with relevant Institutions.

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ROUNDTABLE ON VAT REIMBURSEMENT STRATEGY AND INFORMALITY IN 2019

April 11, 2019
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Ministry of Finance and Economy in cooperation with the Secretariat of Albania Investment Council held an open discussion with businesses from the sectors of agri-processing,  active inward processing regime (fason regimeand export with regard to the 2019 VAT Reimbursement Strategy and the Fight against Informality. The meeting was chaired by the Minister of Finance Mrs. Denaj and attended by the General Tax Director, Mr Enton Duro.

Key messages delivered by Minister Denaj, were focused in 3 main pillars:

  • MFE has developed a plan for the payments of VAT reimbursement on a quarterly basis for the above categories as per First-In, First-Out (FIFO) principle;
  • Informality is a factor which has conditioned time after time the state budget and therefore it is requested a bigger awareness of the business community not only to address this issue but also to initiate the dialogue as relates to suitable economic models which guarantee economic growth and non-repetition of such cycles;
  • MFE together with GTD will focus its efforts on the awareness of the business as relates to informality in the country, and together they have planned the reforming of the tax administration and in particular tax investigation.

For more information please visit: www.investment.com.al

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