INFORMATION ON TAXES APPLICABLE IN THE FIELD OF INSURANCE

Based on Article 66/3/d of Law no. 52/2014 "On reinsurance activity", for fulfilling the obligation to inform interested persons, below you will find information on applicable taxes and duties in the field of insurance:

For each insurance contract, the applicable insurance premiums, taxes and duties are as follows:

1. Law no. 92/2014 "On value added tax in the Republic of Albania"

Article 53 - "Exceptions for some other activities"

The following transactions are supplies exempt from VAT:

1. a) insurance and reinsurance services, including the performance of mediation services in insurance and reinsurance by insurance agents and brokers.

2. Law no. 9975, dated 28.7.2008, "On national taxes" as amended

Article 4 - National tax level (item 10)

10. Tax on written premiums, with the exception of insurance premiums for life, travel health and green card products, is 10 percent of the premium amount. (Amended by Law No. 127/2016, dated 15.12.2016. Published in the Official Journal No. 250, dated 27.12.2016).

For the payments of damages derived from insurance contracts, mandatory or voluntary, we clarify that no duties/taxes are applied because they are not considered as income.