According to recent reports, Albania's Ministry of Finance and Economy and Ministry of Infrastructure and Energy issued a Joint Instruction in July 2021, which provides further rules for the new tax regime for the petroleum sector introduced by Law No. 153/2020 (the Petroleum Fiscal Law - PFL). Under the PFL, persons conducting petroleum operations are required to separate (ring-fence) their income, expenses, and losses attributable to their petroleum operations from their non-petroleum operations (if any). Separate petroleum operations are considered independent businesses, with financial records required to be maintained for each separate operation with separate calculations of taxable profit and...