Tax income up by 10%

TIRANA, May 20 – Albania’s tax administration reported a 10 percent increase in income for the first four months of this year boosted by income in VAT, profit tax and social security contributions.
VAT, which is levied at a fixed 20 percent rate on almost every product and service, registered an increase of 15 percent compared to the first four months of 2013, signaling a recovery in domestic consumption, which is the key driver of Albania’s growth.
Profit tax collection in the first four months of this year rose by 23.5 percent fuelled by the increase in the corporate income tax by 5 percent to 15 percent.
The tax administration collected 57 billion lek (Euro 400 million) in the first four months of this year, up 9.7 percent compared to the same period last year.