Ministry of Finance: Taxes will soon apply a new billing system, 4 changes for businesses.

The Tax Administration in Albania will soon apply a new billing technology system.

“The fiscalization project aims to create an on-line real-time monitoring system of fiscal devices such as cash payments for both business and consumer transactions as well as for business-to-business transactions.Unlike the current one built in 2010, this new system, will also be linked to the current risk management module and subsequently to customs, to enable a deeper analysis of the fiscal responsibilities of individual subjects and transactions of businesses,” –reports the Ministry of Finance.

Currently, at the end of the working day, when the cash pool is manually closed, fiscal devices transmit data to the central system via GPRS.

The current system is centralized; does not identify the coupon in real time, but only transmits the total turnover and the total number of coupons printed from each fiscal device once a day.

 “At the same time, there is no detailed analysis of risk management and control with the current system; electronic business-to-business invoices and block bills are not identified because of non-disclosure by retailers and buyers. This elements are necessary for the effectiveness of tax administration work, “the ministry explained.

According to the Ministry of Finance, the new system apart from addressing these shortcomings, also brings some important innovations:

– It is a comprehensive system covering Business-Consumer (B2C) and Business-Business (B2B) transactions;

-It’ll enable better monitoring of all taxpayers and targeted audit, reduce administrative costs and increase the efficiency of the Tax Administration;

-It will enable automatic completion of forms that taxpayers have to submit to tax authorities (sales and purchase books, or pre-fill certain areas of VAT declaration);

-In B2B transactions, it will be possible for the buyer to determine immediately whether the supplier is indeed a tax payer of VAT.

The fiscalization project is considered as another important step in the digitalization process of fiscal administration. Also, it’s in favor of capacity building and improved revenue collection efficiency and reduction of fiscal evasion and the simultaneous transformation of the relationship and interaction between fiscal administration and taxpayers.

SCAN

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