Albania Fiscalisation Continues Tender

The draft law On the bill and the circulation monitoring system has been put up for public consultation since August 1 as previously announced by the Minister of Economy and Finance Mrs. Anila Denaj.During this period the process of public consultation is very important for the Ministry of Finance and Economy so it invites all stakeholders and the public in general to provide their comments and suggestions in order to have a transparent and inclusive process.The Directorate General of Taxation on its official website has created a dedicated menu on fiscalization httpswww.tatime.gov.alc424fiscalization where you will also find the draft law and the most frequently asked questions. frequently and the answers to each of them updated. In addition in order to ensure a more complete communication it is planned to organize wide-ranging discussions with stakeholders such as accountants IT and IT specialists business associations chambers of commerce Investment Council Tax Advisory Council etc.The bill aims to establish a new system of billing and monitoring of business transactions in the country. It provides that starting 1 January 2020 all transactions between businesses and consumers will be reported to the Tax Administration in real time based on the new fiscal equipment system while from 1 January 2021 all transactions between businesses with each other and between businesses with public bodies will be made on the basis of electronic invoice.Fiscalisation reform is a major commitment of the Albanian Government to try to minimize the informal economy by modernizing its tax monitoring system. The purpose of this project isMinimizing the level of the informal economy Improved revenue collection Easier identification of tax evasion Making tax audit more cost-effective Reduce the level of corruption in the administration Providing more public services to citizens and businesses Positioning Albania closer to European Union standards.