Government to reimburse 80% of oil VAT in the fishing industry

Government to reimburse 80% of oil VAT in the fishing industry

Fishermen working in the fishing sector in Albania will be reimbursed for the VAT of oil at an amount of 80%, a measure that aims to boost the development of this sector. This is an important move of the government in stimulating the development of the fishing sector since currently the reimbursement of VAT for a fisherman is only 10%. The change in the directive for the Value Added Tax was approved by the Ministry of Finances last week by entering in force immediately.

Since the beginning of this year, the government has announced several easiness and reduction of taxes for fishermen and many changes in the fiscal package. According to experts, the oil supply is one of the most influential elements in the cost of fishing in Albania since it approximately comprises about 50% of fishermen expenses.

Several months ago, the Ministry of Agriculture and the EU experts presented the “Fishing Strategy in Albania”, a program that aims to boost and develop this sector in the country. Albania is a country rich in water sources and is washed by two seas in the east and south, thus it has huge potential in this yet underdeveloped sector.

News source: ATA 
Photo credits: Nentor Oseku

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