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To what extent did the 2008 tax reform in Albania affect/ improve its growth and development - Essay Example

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This paper examines the case of a developing country, Albania, and the fiscal policy taken by the government to maintain and manage the fiscal crises faced by the country following the global financial challenges and the 1998 Civil War. The paper would discuss and analyze the…
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To what extent did the 2008 tax reform in Albania affect/ improve its growth and development
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To what extent did the 2008 tax reform in Albania affect/ improve its growth and development

Download file to see previous pages... Since, the public debts increased to 60% of the total GDP in 2008 and the budget deficit also increased to 7% from that 5.7, new tax reforms and taxation policies were introduced in Albania in order to maintain the macroeconomic stability. It was very hard for a country like Albania who was in its transition period after the collapse of its economy during the 1997 Civil War. Such reforms have an impact on every aspect either positively or negatively
During the late nineties and the early twenties, many countries in the world, particularly Albania, was also facing challenges with respect to its economy and economic stabilization. Since Albania was previously a closed and centrally planned economy, therefore it had to undergo numerous obstacles to become an open market economy. Initially the country managed to override the global fiscal crisis, however, it could not resist it permanently and the Albanian economy had to come under pressure. Since, the public debts increased to 60% of the total GDP in 2008 and the budget deficit also increased to 7% from that 5.7, new tax reforms and taxation policies were introduced in Albania in order to maintain the macroeconomic stability (Kadiu, 2012). Numerous tax reforms whose sole purpose was to effectively execute strategies that are aimed to reduce poverty and public debts while decreasing inflation at the same time, although it was very hard for a country like Albania who was in its transition period after the collapse of its economy during the 1997 Civil War (Thomsen & Brown, 2008, bankofalbania, 2014). The 2008 Albanian tax reforms were aimed to help the Albanian economy collectively, in which numerous tax policies from small-scale business to corporate level and agriculture and wages, were imposed. It should be noted that such reforms have an impact on every aspect either positively or negatively. The purpose of this essay is ...Download file to see next pagesRead More
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