52 million EUR of taxes paid in 2018, the financial transparency of Balfin Group

“We do not invent managing styles ourselves. We follow trends in managing methodologies closely. We do read a lot, see how big conglomerates are headed in Germany or the USA and we customize what we have seen, here in Albania. In the early 1990s, I used to do it all myself, whereas now we have people from all over the world as advisors, who help us to run this conglomerate. What we do is that we take the best methodologies of managing from Western companies and incorporate it in Albania or the region in our way”.

This is what Mr. Samir Mane, president of Balfin Group, would say recently in a media outlet. 

 

Today, his philosophy and vision of doing business have been translated into consolidated steps and practicums im

Balfin Group taxes for 2018

 

If all companies were rigorous in paying their taxes properly, this would translate into a greater contribution for the state budget, which would translate directly into more public investments in vital sectors such as urban infrastructure, hydro and electricity networks, schools, gymnasiums, universities, hospitals, other public services, and so on. In addition to tax payments and investments, businesses need to make transparency where they conduct their work.

 

Balfin Group as one of the largest and most innovative businesses in Albania and the Balkans region offers to the public the opportunity to get informed on taxes and investments.

 

In total, the Balfin Group has paid around 52 million EUR in taxes in 2018, of which around 10.8 million EUR have been paid over payroll taxes and about 41.1 million EUR in other taxes.

 

Also, about 49.6 million EUR is the salary and social insurance fund that Balfin contributes to its 5,705 employees. 

 

This financial statement has taken into account such taxes as VAT, Income Tax, Withholding Tax, Employer Social Security, Employee Social Security, Personal Income Tax, Local Tax, Advertising Tax, Customs Tax, Corporate Tax impact on infrastructure/ building permits, mining rents, etc. These kind of taxes that are taken into consideration and paid by the Balfin Group regularly in Albania or in other countries where it operates. 

 

A company that considers tax payment not only as a legal obligation but also as a social contribution, is a company that conveys the spirit of legality and transparency to all its employees. A cornerstone in business is undoubtedly the transparency, accountability, and disclosure of a company’s finances, and this is no reason to be a taboo, nor secretive, as long as every business strictly adheres to all country laws where it operates.