How much money did we lose from the devaluation of the euro? - VAT on imports decreased compared to the plan
The exchange rate throughout 2024, where the European currency euro has been continuously depreciating against the lek, has led to a loss of revenue in the state budget.
According to official data from the Ministry of Finance, revenues from Value Added Tax (VAT) on imports, although increasing compared to last year, are decreasing compared to the plan due to the significant decline in the exchange rate.
Referring to customs administration data, the effect of the exchange rate on VAT on imports is -16 billion lek during 2024 or about 160 million euros. For 2024, taxed imports increased by 16% in weight compared to the previous year, while in value they increased by 6%. Meanwhile, definitive exports increased by 1% in weight and decreased by -14% in value.
Revenues from VAT on imports for the 12-month period are 154.4 billion lek, 8 billion lek or 5.5% more than the same period a year ago.
The biggest blow from the exchange rate in Albania has been to the export industry, suffering considerable economic damage as well as loss of European markets.
Meanwhile, this year has started on the same line and experts predict that due to the general parliamentary elections to be held on May 11th and the expected good tourist season, the euro will continue to be devalued against the lek, at least until September.
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