Multinational businesses, minimum tax of 15% on profits - Ministry of Finance proposes law for global minimum tax
The Ministry of Finance has drafted the draft law “On ensuring a global minimum level of taxation for multinational groups of companies and large domestic groups”, which aligns Albanian legislation with the European Union Directive of 2022 and with OECD/G20 standards. At the heart of the draft law is the establishment of a minimum effective tax rate of 15% for multinational groups and large domestic groups that have annual consolidated revenues of at least 750 million euros.
The aim is to ensure that the profits of these groups are not artificially shifted to low-tax or no-tax countries, but are taxed more fairly in the jurisdictions where the economic activity is carried out. The draft law provides for three main mechanisms, the Income Inclusion Rule, the Undertaxed Profits Rule and the Qualified Additional Minimum Internal Tax. The latter gives Albania the right to collect additional tax on profits made by entities operating in Albanian territory, before this right is passed on to other countries.
According to the report, the initiative aims to protect the Albanian tax base, strengthen fiscal transparency and create more equal conditions of competition between large international groups and other businesses operating in the country. Entities that will be included in this regime will have more detailed reporting and declaration obligations, while the tax administration will have a key role in implementing the law and in exchanging information with other tax administrations.
From a budgetary point of view, the draft law is expected to have a positive impact on tax revenues, as it enables Albania to collect additional tax when the profits of large groups are taxed below the minimum level of 15%. The draft law is directly related to the European integration process, in particular to Chapter 16, “Taxation”. It is expected to enter into force 15 days after its publication in the Official Gazette, while implementation will start on 1 January of the fiscal year starting on or after the date of Albania’s accession to the European Union.
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