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Algeria Submits Budget To Lawmakers

by Ulrika Lomas,, Brussels

14 October 2013

Algerian Finance Minister Karim Djoudi has presented the country's 2014 finance bill to the National People's Assembly (APN) Finance Committee, providing for a raft of tax relief measures aimed at promoting national production, as well as for measures designed to strengthen tax controls.

The bill revises provisions granting tax breaks to economic operators for the reinvestment of profits. Furthermore, the legislation lowers the rate of corporation tax (IBS) imposed on travel and tourism agencies working to actively promote national tourism, from 25 percent currently to 19 percent. In addition, the finance bill extends until August 31, 2014, the exemption from customs duties and value-added tax (VAT) benefiting products and raw materials in the poultry industry.

To boost Internet access in Algeria, the draft legislation accords Internet service providers exemption from VAT. Working together with French car manufacturer Renault, the Government intends to boost the production of cars in Algeria. For vehicles manufactured locally, irrespective of the make and model, the Government plans to grant exemption from the tax on new vehicle sales.

As part of efforts to strengthen the fight against tax evasion, the Algerian Tax Administration intends to introduce the principle of "abuse of rights" for those taxpayers failing to fulfil their tax obligations by concealing information. Moreover, these taxpayers will be subject to spot checks by the Tax Administration.

Finally, the 2014 finance bill provides companies listed on the stock exchange with a reduction in corporate tax equal to their opening capital levels for a period of five years, from January 1, 2013.

TAGS: compliance | Finance | tax | investment | value added tax (VAT) | tax compliance | tax avoidance | corporation tax | Algeria | travel and tourism | legislation | tax rates | tax breaks | Work | Tax

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