Crypto-assets under Tax monitoring - Draft law/ Automatic transaction reporting and information exchange with the EU
Crypto-asset transactions will be automatically reported to the tax administration, giving authorities more information about the income generated from this market and strengthening the fight against tax evasion.
This is the main innovation brought by the new draft law "On the automatic exchange of information on crypto-assets", issued for public consultation, which aligns Albanian legislation with the European Directive. The initiative comes in response to the expansion of the use of crypto-assets for investments, payments and cross-border transfers, which have made it more difficult to identify taxpayers and monitor their income. Through this new framework, it is aimed to increase fiscal transparency and improve international cooperation in the field of taxation.
The law requires crypto-asset service providers to identify their clients, verify tax residency and collect information on transactions carried out. This information will be reported periodically to the General Directorate of Taxes, which will be the authority responsible for administering the system and for the automatic exchange of data with the tax administrations of the European Union countries.
To avoid double reporting, the law also defines the cases where obligations are considered fulfilled in another European Union country or in other recognized jurisdictions. Meanwhile, service providers will have to report identification data on users, information on transactions carried out and their value, according to the rules set out in the law. They will have the obligation to keep the documentation for at least 7 years and make it available to tax authorities in case of an audit.
Another important element is the strengthening of inter-institutional cooperation. The Financial Supervisory Authority will communicate annually to the General Directorate of Taxes data on entities authorized to provide crypto-asset services, while the Taxes will supervise the implementation of legal obligations and administer the register of operators of this market.
The law also provides for administrative measures and fines for entities that do not comply with reporting obligations, as well as the possibility of suspending transactions when users do not provide the required information. This aims to create a more transparent market, limit opportunities for tax avoidance and harmonize Albania's rules with European Union standards.
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