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Algerian Lawmakers Pass 2014 Budget

by Lorys Charalambous,, Cyprus

18 November 2013

Despite significant opposition, the Algerian National People's Assembly (APN) finally adopted the country's 2014 finance bill (PLF 2014).

Algeria's PLF 2014 is designed to promote national production, to curb importation, to reduce the tax burden, and to encourage investment, in particular in provinces situated in the south of the country. The legislation provides for a 10.4 percent rise in budgetary revenues, without recourse to tax rises, or to the introduction of new taxes in Algeria.

The text provides for a number of tax incentives for start-up companies, notably in the area of value-added tax (VAT), corporate tax (IBS), and professional business tax (TAP). The tax breaks are intended to boost the creation of new companies, especially in the economically weak southern regions

Although lawmakers elected to reject the vast majority of proposed amendments to the bill, the APN did, however, adopt plans to extend tax exemptions for raw materials and other inputs used in the poultry industry. The measure, which forms part of efforts to preserve the sector and to lower the prices of white meat and eggs, will apply until August 31, 2014.

Lawmakers nevertheless blocked an amendment put forward by the Algerian Workers' Party (PT), calling for the introduction of a tax on wealth. Furthermore, lawmakers vetoed plans to increase customs duties in Algeria.

Algeria's PLF 2014 is based on economic growth of 4.5 percent next year, compared to 5 percent this year, and provides for a deficit in 2014 of EUR30.59bn (USD41.3bn), or 18.1 percent of gross domestic product (GDP), against an anticipated deficit of 19 percent of GDP for 2013.

TAGS: tax | investment | business | value added tax (VAT) | tax incentives | law | gross domestic product (GDP) | budget | corporation tax | Algeria | legislation | tax breaks | Work

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