What are the risks of correcting business income? - Expert: Instrument that can be used for money laundering
All businesses that submit a balance sheet will have the right to review their tax returns for 5 years, correcting various balance sheet items and paying a 5% tax on any difference that will be reviewed.
This is the second component of the fiscal peace package presented by the government, an initiative undertaken so that business can close the history of the past and move into the future safely and in peace.
However, this initiative raises questions about how it will be implemented and the fact that it could give space to the phenomenon of money laundering.
Altin Sulejmani, Accounting Expert:
"This component is related to the redeclaration of income and is an instrument that should be viewed more carefully because it leaves room not only to make evasion healthy with a stroke of the pen, but I fear that behind this, possible money laundering may also be hidden. If you are not able to be checked, you simply redeclare for 2020, 2021, 2023 more income than the law allows, you have no guarantee that after this, income from illegal businesses can also be hidden."
Agim Binaj, Accounting Expert:
"No one has the right to prejudge that this can do this or that. We must be aware that Albania has been on the path of fiscal reforms for 35 years. The law also has some cracks and loopholes that I can exploit in the interest of business, but the logic is that we must create what is called a fiscal culture so that we do not start from those small loopholes that the law has so that I can legally evade because the law has them inside, but I start from the spirit of the law, that is, those rules of the game that we must implement."
The fiscal peace package contains three components in total, the first relates to an agreement between businesses and the tax administration on corporate income tax, the second includes the correction of balance sheets, and the third component provides for the forgiveness of liabilities over 10 years old and the repayment in installments and discounts of newer liabilities over time.
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