5-star hotels, exempted from corporate tax for two more years - Proposal in the Assembly, Klosi: We have brought 22 brands to the country. Major investments
Five-star resorts, with special status, that are holders of a registered and internationally recognized trademark "brand name", will be exempted from corporate tax for the next two years. Meanwhile, the deadline for this fiscal relief expired on December 31, 2024. The proposal was made by socialist MP Blendi Klosi and has sparked discussions in the Parliamentary Committee on Economy. According to him, thanks to this policy, there are currently 22 brand name hotels in the country. Klosi has clarified that this relief benefits only from new investments in areas with development priorities and not in urban areas.
"Today, thanks to this policy, we have 11 brands that have registered in our country and there are about 10-11 others that have entered the Albanian tourism industry. Today in Albania we have 22 brands in tourism that have made their investments in Albania. These 4-5 star resorts have invested 450 million euros, of which 100 million of them are already active. We come again with this draft law because in 2019 there was no company. The real reason why we come here is because in 2019 when this process began, along with the tourism initiative, there was considerable development. But then due to the pandemic and the war, these investments were interrupted. Now we have a much increased interest in these investments. And all these investments are made outside of populated centers and are investments with priority for economic development. The draft law aims to exempt from corporate income tax and luxury brand name hotels that have a special status, requiring a 2-year extension of the deadline from the moment we are until 2026. Why do we need 5-star hotels? The tourism industry must have high standards with which the industry should develop, new jobs should be opened, "said Blendi Klosi, SP MP
The Ministry of Finance has expressed agreement with this proposal, despite the effects on the state budget.
"The Ministry of Finance has given a positive opinion on the postponement of the profit tax for 5-star brand name hotels for two years. They have created 888 jobs."
But this initiative has been opposed by Democratic MP Jorida Tabaku, according to whom when the 2025 budget was passed, no fiscal changes were foreseen.
"The budget passed in December and you said there would be no tax changes, we have a medium-term revenue strategy. Why are small accommodation structures that pay taxes being differentiated? What prevents these hotels that are such big brands from coming to Albania, just from corporate tax?"
The effects of the exemption for these structures begin at the moment the accommodation structure begins its economic activity, but no later than 3 years from obtaining the special status. For this point, too, an extension of up to 5 years from obtaining the status has been requested.
Poll
The world's only floating nuclear power plant - Akademik Lomonosov generates 1 billion kWh before being refueled
The Akademik Lomonosov, a floating nuclear power plant operating since May 2020 in Russia's Arctic region of Chukotka, has generated 1 billion kilowatt-hours......
The year 2024 "weakened" foreign trade/ Exports are not only worth less, but also weigh less
Foreign trade figures continued to be affected by exchange rate dynamics throughout 2024. Scan Intel previously analyzed the impact of the main groups and......
Greece, 18 billion euros from the EU - Funds will attract new investments in infrastructure, digitalization
Greece has received 18 billion euros in grants and loans from the European Union Recovery Fund since 2021, an amount equivalent to around 8% of its economic......
Labor Inspectorate, 54 million lek fines to businesses - Over 190 thousand workplaces to be inspected in 2024
The State Labor Inspectorate conducts inspections in entities every month with the aim of punishing illegalities and informality, and handles......
Six candidacies for AFSA board chairman - Who are the people who want to administer the Authority's activities?
For the vacant position of board member of the Financial Supervisory Authority, who will also be the chairman of the board, 6 candidates have submitted their......
Proposal in the Assembly/ “Tax exemption for luxury hotels postponed for 2 years”
Socialist MP Blendi Klosi has proposed to the Parliamentary Committee on Economy to extend the deadline for corporate tax exemption for luxury hotels by two......
Britain, the second most attractive country for investment - Survey, highest ranking in the last 28 years
The United Kingdom is the second most attractive country for investment after the United States, signaling a rise in the rankings, according to an annual......
Labor market, inclusive - AKPA: 525 people with disabilities, employed
Disability is not an obstacle to integration into the labor market. The National Employment and Skills Agency reports that during 2024, 525 people with......
