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Albania to cut income tax, hike pensions, raise bottom wage

Albania to cut income tax, hike pensions, raise bottom wage Albanian Government/All Rights Reserved

TIRANA (Albania), March 15 (SeeNews) - Albania will cut income tax, raise pensions and increase the bottom wage as part of a package of measures aimed at mitigating the impact of soaring prices due to the global energy crisis on people, prime minister Edi Rama said.

The measures, which come after a series of nationwide protests against the sharp rise in fuel and food prices in the past weeks, include also subsidies for agricuture and pubic transport and monetary support to households and small businesses for electricity bills, Rama said in a Facebook post on Monday.

Starting from April, the government will remove income tax on monthly wages up to 40,000 and will halve the tax on wages up to 50,000 leks. The income tax on wages from 150,000 leks to 200,000 leks will be reduced.

The government will also allocate 3.3 billion leks ($29 million/26 million euro) to index pensions.

Furthermore, it will provide over the next three months 3,000 leks in monthly support to all pensioners, vulnerable groups and people whose incomes are less than the minimum wage.

Starting from April, the minimum wage will increase to 32,000 leks from 30,000 leks.

The government will also provide 1.45 billion leks in subsidies to local farmers.

To support public transport, the government will allocate 500 million leks to cover the difference between the actual cost and the price of tickets people pay so that it remains unchanged.

A total 28 billion leks will go to support households and small businesses pay they electricity bills, Rama said, with elaborating for what period.

(1 euro = 121.712 leks)

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