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Draft law on accounting ready/ From sustainability reporting to fiscal transparency

2026-04-02 18:28:01, Ekonomi CNA

Draft law on accounting ready/ From sustainability reporting to fiscal

The Ministry of Finance has proposed a new draft law on accounting that brings several changes to the current law no. 25/2018 which was recently put out for consultation. The main changes focus on financial reporting, directors’ responsibilities and the approach to transparency. According to the report accompanying the draft, the draft law aims to address the shortcomings identified during the implementation of law no. 25/2018 and to meet the new obligations from the EU acquis on financial reporting, sustainability and fiscal transparency.

One of the changes highlighted is the formalization of sustainability reporting under Directive (EU) 2022/2464. This obligation applies only to very large entities, exceeding on average 1,000 employees and net revenues of 450 million euros, with entry into force in form by 2028.

According to the report, sustainability reporting will require companies to provide details on environmental, social and governance impacts, including aspects such as corruption and social impact. The draft law also places limits on information requirements in the value chain, to protect smaller entities from disproportionate demands.

Another goal is to improve the quality and comparability of financial reports.

The report notes that the country has been aligning its legislation with International Financial Reporting Standards since 2008, applying them to small and medium-sized enterprises. The proposed draft law aims to further increase the level of reporting and compliance with international standards.

Another innovation is the introduction of the obligation for public reporting of income tax (Country-by-Country Reporting), in accordance with Directive (EU) 2021/2101. This reporting will apply only to entities that operate in more than one jurisdiction and have consolidated revenues exceeding 750 million euros in the last two reporting periods. The aim is to increase fiscal transparency and reduce tax avoidance.

The draft law also includes technical and clarifying changes to consolidate financial statements, eliminate unnecessary obligations, and unify legal terminology, to increase legal certainty and enforceability./Monitor.al