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20 August 2021

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Joint Instruction Issued for Albania's New Tax Regime for the Petroleum Sector

According to recent reports, Albania's Ministry of Finance and Economy and Ministry of Infrastructure and Energy issued a Joint Instruction in July 2021, which provides further rules for the new tax regime for the petroleum sector introduced by Law No. 153/2020 (the Petroleum Fiscal Law - PFL). Under the PFL, persons conducting petroleum operations are required to separate (ring-fence) their income, expenses, and losses attributable to their petroleum operations from their non-petroleum operations (if any). Separate petroleum operations are considered independent businesses, with financial records required to be maintained for each separate operation with separate calculations of taxable profit and losses.

The Joint Instruction clarifies the requirements for taxpayers to calculate and pay profit tax separately for each separate petroleum operation. This includes that a separate petroleum operation exists under each petroleum agreement in which a taxpayer participates, and each development or production area that has been separately approved under the same petroleum agreement is considered a separate petroleum operation. For this purpose, separate development or production areas within the same contract area are treated as separate petroleum operations if they are approved under separate development programs. Further, for the purpose of calculating and paying profit tax for each separate development or production area, it is provided that a contractor must establish a new company, wholly owned by the contractor, for each separate development or production area and transfer to that new company all exploration costs related to the separate petroleum operation.

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