Albania passed a ground-breaking tax reform in 2023. This is the most significant tax development since the enactment of the Income Tax Code in 1998, a time when the country was still transitioning from the communist era and prolonged isolationism. Law No. 29/2023, effective 1 January 2024, reshapes the fundamentals of the Albanian tax system in an effort to align the Balkan country with international and EU tax standards. In this article, the authors illustrate the main aspects of the reform from an international and EU perspective and evaluate them in light of recent developments in respect of Albania’s EU candidacy status.