Fiscal Amnesty, BoA Governor Explains Pros and Cons

The governor of the Bank of Albania, Gent Sejko, has listed the advantages and the disadvantages of the fiscal amnesty that the government wants to implement. 

In a press conference, Sejko said that the main benefits are the injection of liquidity into the economy and the introduction of money outside the banking system into the banking system. 

"We presented the comments of the Bank of Albania during the report in December to the Assembly. We see it with costs and benefits. The main benefits are the injection of liquidity into the economy, the improvement of income in the state budget. The main one is the formalization of the economy. We have a goal of financial education and financial inclusion. Maximum introduction of money outside the banking system, into the banking system. Fiscal amnesty would have a positive impact. 

Regarding the disadvantages, Sejko said that they are related to the avoidance of crime and corruption money. According to him, the fiscal amnesty should not be repeated, that is, it should be realized once in a functional way. 

"On the other hand, there are also costs related to the avoidance of crime and corruption money. Amnesty should avoid dirty money, we should not allow money laundering through this mechanism. The concept of continuous fiscal amnesties should not be created, it should be done once, it should be functional. To avoid the money of crime and corruption. Public institutions dealing with revenue collection should tighten amnesty measures. This is a principled opinion. The bill has just come out, we will give our opinion in writing. Practically, the law must be analysed in detail.