British Ambassador to Albania Nicholas Cannon described the deal as a very important tool in promoting bilateral trade and bringing more British investments to Albania
TIRANA, March 26 – Albania and the United Kingdom have scrapped double taxation in an effort to boost trade exchanges and investments between the two countries, currently at a small level. Speaking at a press conference, British Ambassador to Albania Nicholas Cannon described the deal as a very important tool in promoting bilateral trade and bringing more British investments to Albania. Albanian Finance Minister Ridvan Bode said the deal also helped curb tax evasion.
Speaking at a recent meeting with members of the Albanian-British Chamber of Commerce and Industry (ABCCI), Ambassador Cannon praised the flagship British investors such as Vodafone and British Petroleum for their investment in Albania and support for the future British investment with their success stories. There are newcomers into the market such as Mott Macdonald and Grimshaws lately, while gas giants such as Shell and BG are examining the market too, says the Ambassador as quoted by the ABCCI.
Elaborating on the economic growth prospect of the UK and the way that could influence the investment opportunities in Albania and the region, the Ambassador singled out the rule of law, land ownership rights, VAT refund system, the unpredictability of taxation, enforcement of contracts and execution of collateral as some of the problems faced by investors in Albania.
Trade exchanges between Albania and the UK remain at very low levels. Bank of Albania data show Albanian exports to the UK rose to 1.7 million euros in 2012 down from 1.2 million euros in 2011 while imports from the UK dropped to 28 million euros, down from 43 million euros in 2011, accounting for only 1 percent of total imports.
