News

IMF Tax Administration Mission on Medium Term Revenue Strategy (MTRS) visited Tirana during November and meet with FIAA Representatives. During the consultations with the FIAA, were discussed the main concerns and challenges Business is facing while operating in Albania. The main focus the business was giving in the meeting, was also on the progress of tax and customs reform in the country along with some ideas and recommendations they were proposing for improvements in this area. FIAA members in this meeting were coming from various industries, but what they stressed out, was a common concern when it comes with the relation they have with Tax Institutions in the country.

After the Ministry of Finance and Economy  released the Draft Law “On invoices and the system for monitoring the transactions” and the meeting of the Fiscal Council, the FIAA Tax and Financial Committee met at the beginning of November to comment and discuss on these drafts along with other changes and draft amendments part of the Fiscal Package 2020 such as:

• Draft Law on Tax Procedures and its Report
• Amendment on Tax on Incomes and its Report

Minister/Counselor Mrs. Edith St-Hilaire, in charge for Commercial Sector at the Canadian Embassy in Rome and Mr. Matthew Kalisz, First Secretary and Trade Commissioner, paid an official visit during October in Tirana. During the visit, they met FIAA Representatives Mr. Perparim Kalo, Board Director and Mr. Perparim Alikaj, Chairman of FIAA Committee of Mining Oil & Gas. During this meeting, FIAA representatives presented a general view on the present Albanian foreign investment and economic situation, potential areas for investments and random barriers faced by investors while doing business in the country.

Being the only foreign business representing organization in Albania, FIAA met with the RCC Representatives (Regional Cooperation Council), and the Ministry of Finance and Economy, to give its views and perspectives on the implementation of Individual Reform Action Plan (IRAP) within the MAP REA Regional Investment Reform Agenda.  During the consultations with the FIAA Representatives, were discussed the ongoing reforms and policies undertaken in Albania along with the specific concerns Business is facing. FIAA highlighted the importance of the business involvement in the consulting process and stressed out continuous lack of the follow up in several government initiatives.

Chaired by the Minister of Finance and Economy, Ms Anila Denaj, Albania Investment Council discussed “On Investment Potentials and Priority Sectors” during its scheduled meeting in October 2019.

The World Bank Group (WBG) has been preparing the Systematic Country Diagnostic (SCD) update for Albania. The first SCD for Albania was submitted to the WBG Board and published in 2015. The updated SCD is required as the evidence base to prepare the next Country Partnership Framework (CPF) that would define the engagement between the WBG and Albania in the next five years.

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.

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.

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.

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.