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Ekonomia

The pension scheme may undergo changes, Albanian businesses will have the right to create private pension funds for their employees, here are the benefits

The pension scheme may undergo changes, Albanian businesses will have the right

The government is expected to pass a new law on private pension funds, bringing a series of changes to a market that still remains anemic in the country. Only a small number of citizens make voluntary contributions to benefit from an additional private pension. The basic argument for why these changes are being made is related to the promotion and expansion of this market, but also to the clarification of some aspects related to the management of funds. The draft law was prepared by the Financial Supervision Authority (FSA).

benefit

The AMF proposes to increase the exemption from taxes, both for the contributions of employees and for those of employers, while requesting that pensions are not taxed even for the benefit part of the contributions, but only for the return from the investment. In order to encourage the investments of employees (but also of their employers) in private pension funds, the current law provides for fiscal incentives, in the form of the exemption of contributions from personal income tax. The contribution made by each member of a pension fund is deducted from his personal income for tax purposes, ie before income tax is calculated. The maximum limit for tax benefits for annual contributions is the smaller value, resulting from the comparison of the amount of 200 thousand ALL and 15% of the member's gross annual income. In case the member is over 50 years old, the maximum limit for tax benefits for annual contributions is the smaller value, resulting from the comparison of the amount of 250 thousand ALL and 25% of the member's gross annual income. According to the draft law proposed by the AMF, the maximum monthly limit for tax benefits will be up to the level of the nationally approved minimum wage. Specifically, today the tax exemption would extend up to an amount of contributions of 30 thousand lek per month. According to sources from the market, this formula was proposed by the managers of the administrative companies and was accepted by the AMF. it will be up to the level of the nationally approved minimum wage. Specifically, today the tax exemption would extend up to an amount of contributions of 30 thousand lek per month. According to sources from the market, this formula was proposed by the managers of the administrative companies and was accepted by the AMF. it will be up to the level of the nationally approved minimum wage. Specifically, today the tax exemption would extend up to an amount of contributions of 30 thousand lek per month. According to sources from the market, this formula was proposed by the managers of the administrative companies and was accepted by the AMF.

Lehtësitë tatimore

If the AMF's proposal is approved, the amount of tax-exempt contributions would reach 360,000 ALL per year, or 80% more compared to the current threshold of 200,000 ALL (For people over 50, the exemption goes to 44% more compared to with the current limit). According to the current law, contributions made by the employer and any other contributor, in the name and on behalf of the member of a pension fund, for fiscal effects, are not assessed as personal income of the member. Contributions made by the employer in the interest of its employees to a professional pension plan are considered operating expenses, up to the annual amount for each employee, equal to 250 thousand lek, and this amount is considered a deductible expense, for the purposes of the employer's profit tax . The new draft law proposes that, also for the employer's contributions, the amount recognized as a deductible expense for income tax purposes is based on the minimum wage. With the effective value of the minimum wage, the tax exemption for employer contributions would reach 360,000 ALL per year, or 44% more compared to the maximum level recognized by the current law. By collecting the contributions of the employer and that of the employee, the draft law provides for a tax exemption on the contributions of an individual, equal to two minimum salaries, an amount that currently translates to 60,000 Lek per month, or 720,000 Lek per year. Investment returns, including capital gains from investments made with pension fund assets are not subject to taxation, neither for the pension fund itself nor for the management company. This exception is also preserved in the new bill.