How did tourism affect the increase in consumption? - The budget provides 137 million euros more from VAT
Albanian citizens but also foreign tourists have spent more on products and services within the country throughout 2024.
Official data from the Ministry of Finance show that revenues from Value Added Tax are the item with the most positive performance among tax revenues, with an increase of 29.8 percent compared to 2023.
Specifically, VAT revenues collected (net) were realized at 59.6 billion lek, 13.7 billion lek or 137 million euros more than a year ago.
On the other hand, 4.4 billion lek have been collected, or 7.9% more than the VAT plan to be collected in the 12 months of 2024.
Among the factors that have influenced this performance is the increase in the number of tourists in our country, who, in addition to their interest in coastal areas, have had an increased interest in historical and mountainous areas. Given that the weather conditions have been favorable, tourism has continued to produce high consumption. The number of tourists during 2024 reached 11.7 million.
Another factor that has influenced this positive revenue performance has been the salary reform in the administration, where from July 1, 2024, salaries were increased again for a number of categories paid from the state budget, thus giving citizens many opportunities to spend. This reform has also put the private sector in motion by indirectly encouraging wage movements, which has also led to increased consumption.
Personal income tax revenues have increased by 14.3 percent, "providing" 8.3 billion lek more than in 2023. Total revenues from this item were recorded at 66.1 billion lek.
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