TOP Analysis, Prognoses and News about Greek - Albanian Relations and the Region.
Friday, January 10, 2014
Tax for oil concessionaries 10/01/2014
“Bankers Petroleum”, the company that has most of the Albanian oil
industry under concession, says that they are negotiating with the
government about the effects of the new taxes.
The government decided to use excise tax for the oil sub-products that the concessionary companies import for their own needs.
to the Ministry of Finances, this would bring 35 million USD for 2014,
money that would be taken from the concessionaries. But through a press
release announced on their website, “Bankers Petroleum” quotes their
president saying: “The company is negotiating with Albanian high rank
officials, to fully evaluate the impact of the new laws in order to
reach an agreement that would compensate the financial effects, a right
that comes from the concessionary agreement that we have with Albania”.
Channel has learned that the Ministry of Energy is tasked with the
negotiations. Official sources from this Ministry confirm the news, but
say that no concrete discussion has been held so far. According to these
sources, the meetings are expected to be held in the days to come with
all companies that operate in the oil industry and that are affected by
the new taxes. The budget contribution of the companies that exploit our
national assets has been a hot political debate by the Socialists when
they were in opposition.
After coming to power, the left
government planned a draft that imposed excise on all concessionary
imports in all phases of research and exploitation.
days later, the Ministry of Finances modified the draft in Parliament by
excluding imports that are in the researching phase. What it remains to
be seen now is the result of the new negotiations. Will there be other
changes in the law that imposes excise over the concessionary, or the
government will keep it unchanged?
Confidential sources from the
Ministry of Energy say that one of the concessionary requests is of
recognizing the new taxes as deductible spending for calculating the
So far, the companies that exploit oil in Albania have
not paid any tax on profit, since they say that they haven’t recovered
their investments yet. A few weeks ago, the Minister of Finances
declared in Parliament that the budget for 2014 will not benefit any tax
on profit from oil, the exports of which were almost 500 million USD
last year, or 4% of the Gross Domestic Product.