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The International Monetary Fund recently published a document guiding Albania on how it can fight informality through fiscal administration, sophisticating ways to tax the rich.
The fund considers that an important element of evasion are relatively wealthy individuals. These individuals deposit large amounts of money in tax havens that, among other things, avoid taxation.
Albania has already adopted the legal framework for the automatic exchange of information and thus can start receiving information on resident Albanians who have deposits abroad.
The IMF suggests that a group of skilled auditors should function to include in taxation by alternative methods untaxed domestic funds and assets.
However, the generation of income by wealthy individuals will depend on the capacity of the General Directorate of Taxation to detect undeclared money held in domestic financial institutions.
The fund suggests that a dedicated Investigation Task Force would help strengthen the credibility of undeclared taxation of wealthy individuals in the country.
“Collect taxes avoided by corruption and other financial crimes by improving cooperation between revenue agencies and other enforcement bodies. Revenue authorities can be key players in the fight against financial crime and corruptionAdvises the IMF.
Following the advice of the IMF, the General Directorate of Taxation is committed to creating a list of 650 richest individuals in the country, whose wealth will be investigated for tax collection and reducing informality in the next three years .
In the new Government Economic Program 2022-2024, it is determined that the list will be fulfilled during three years, where in 2022 100 people will be listed, in 2023 another 200 and during 2024 another 350 rich individuals, leading total list in 650 individuals.
In terms of the lifestyle they lead, Albania has many individuals who have assets, who have not declared their sources of income and consequently are not fiscalized. The wealth of these individuals may derive from legal and illegal sources of income, but the General Directorate of Taxation intends to fiscalize at least a portion of the covert and under-declared assets.
Preliminary Tax investigations have found that, there are more individuals who receive higher salaries than they themselves declare in Taxes. The list that will be created will update information from third parties, such as mortgages, payment of energy and water, and aims to increase the tax on the income and assets of these individuals.
Many individuals in Albania have created wealth illegally, but international financial institutions have advised the fiscal authority instead of at least this wealth being fiscalized.Monitor
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