Minister of Finances: Fiscal package 2015 to protect consumers and support reforms

Minister of Finances, Shkëlqim Cani presented at the Economy Commission the new fiscal package. According to Cani, the fiscal package covers the essential needs of the country’s economy, supports public investments and important reforms being undertaken in the energy sector. This fiscal package is comprised of 3 provisions which are expected to generate 16 billion ALL and the other 11 provisions predict facilities for businesses and consumers.

The fiscal package of 2015, aims according to Cani, to expand the taxpaying basis and to protect consumers, to undertake important reforms in key sectors of the economy and to ease the procedures and taxes for businesses. The package has as priority the generative businesses in sectors of hydrocarbons, chrome, agriculture, ect. “By taking these measures, we strive to refine the raw material at a certain level in order to gain more profits from it and not to export it as we produce it. The process of refinement will make possible the employment of many people, and this is our main priority”, declared Minister Cani.

There are several measures to be taken if the new fiscal package will get approval by the parliament. In the insurance sector, there will be a cut of VAT of the no-life products and the insurance premium tax will be set starting from 2015, aimed at improving the service standards. Regarding the hydrocarbons sector, the fiscal package foresees the cut of customs tax in order to help local refineries to process crude oil in country. As for the chrome industry, will be a reduction of the mining rent by 1/3 for industries that process ferrochrome. The expected effect this new fiscal package 2015 will have in the state budget incomes are estimated to be 5.6 billion ALL by the circulation tax and 1.1 billion ALL from VAT tax.

News source/photo credits: ATA