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Tourism increases, but not the state's income from rents

2024-03-09 12:58:56Biznes SHKRUAR NGA REDAKSIA VOX

Tourism increases, but not the state's income from rents

Last year's tourist boom, which led to an increase in the number of citizens who let out apartments for short-term rent through AirBnB or Booking platforms, seems to have resulted in more benefits for landlords but not for the state budget.

The official data of the General Directorate of Taxes, provided by SCAN, show that the tax collected from rents in 2023 was recorded at about 4.8 billion alleks or 46.2 million euros from nearly 4.6 billion alleks accumulated a year ago.

The difference is very low, adding here the fact that during 2023, the prices of long-term rents also experienced a significant increase mainly in the capital, but not only, which should bring higher income for the state budget.

But currently only businesses and not individuals are required to declare the lease contract, making the lack of information high in this sector, except for short-term leases which have been out of the tax administration's attention.

But what is the tax rate that is paid on rents? According to the current law "on income tax", real estate rental income is treated as investment income and the tax applied at the source is 15 percent of the monthly rental value.

So if the rent is worth 50,000 ALL per month, the tax to be paid is 7,500 ALL per month. In the case where an individual has leased the property to a registered entity, the latter is responsible for withholding, declaring and paying withholding tax on behalf of the tax authority.

The draft law on tourism recently approved by the government aims to provide a solution to informality as it forces accommodation structures to declare to the ministry the number of visitors, nights of stay, their citizenship, otherwise fines are foreseen.

As for individuals who issue short-term rental properties through the Booking and AirBnB platforms, they will have to obtain a categorization certificate from the Ministry of Tourism according to the standards of the room, apartment or villa and will pay the tax obligations from this income once a year through personal income statement, without having to provide a NIPT.


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