Albania has introduced a new tax regime for the petroleum sector as per Law No. 153/2020 (the Petroleum Fiscal Law - PFL), which was published in the Official Gazette on 17 January 2021 and entered into force on 2 February 2021. The PFL replaces prior legislation on the taxation of the petroleum sector that was introduced in 1994. Some of the main points of the PFL are summarized as follows:
- The law applies to legal persons authorized to carry out onshore petroleum operations, as well as to …