Albania to lose $65 million from customs revenues in 2009

SEP 23. Revenue losses from trade liberalization in accordance with Association and Stabilization Agreement EU-Albania (ASA) which predicts progressive liberalization of exchanges up to the establishment of a free trade area between the parties will reach an estimated 65$ billion in 2009. However, experts say that loss from customs revenues will be compensated by an increase in imports volume as a result of the free trade reforms. In numbers, losses in revenue for the next 3 years are estimated to be respectively 6.2 billion ALL, 5.6 ALL billion, and 6.2 ALL billion, as compared to the 9.4 ALL billion estimated for 2008.
Biggest impact from customs tax cuts are expected to come from trade with European Union which makes for the biggest part of imports in Albania and is also the biggest exporter of Albanian products.
The liberalization reform is part of the Free Trade Agreement among region’s countries with the intention of creating a free trade zone in the Balkans by 2009.