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Algeria Eyes Changes To Tax On Foreign Oil Companies

by Lorys Charalambous, Tax-News.com, Cyprus

17 April 2012


Determined to secure new exploration projects and to meet the country’s natural gas export targets over the coming years, Algeria’s Energy Minister Youcef Yousfi has recently announced details of plans to modify the current provisions pertaining to the taxation of the projects of foreign oil companies.

To increase the attractiveness of the country’s tax regime for foreign energy companies, Algeria’s Energy Minister Yousfi has put forward plans to in future impose a tax on the profits realized by foreign companies from their projects, rather than on their turnover, as is currently the case.

The tax will be based “on the profitability of the projects”, Yousfi confirmed.

However, Energy Minister Yousfi has stipulated that the proposed measure will only apply to oil and gas projects that are not as yet in production and which are considered to be “high risk”.

Drawn up by a working group within the energy ministry, the proposed changes to Algeria’s hydrocarbons law have now been finalized and submitted to the government for approval.

Algerian lawmakers are expected to examine the proposals in parliament shortly.

TAGS: tax | energy | law | corporation tax | Algeria | oil and gas

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