CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Algerian Lawmakers Pass 2014 Budget

Algerian Lawmakers Pass 2014 Budget

by Lorys Charalambous, Tax-News.com, 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

To see today's news, click here.

Leave a comment

Read our Posting Guidelines

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 






Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Tax-News+ Updates

Receive FREE daily updates from Tax-News.com, straight to your inbox. Register Now!

For a tailored solution, choose to receive selected news updates for your preferred jurisdictions and topics, with our enhanced Tax-News+ subscriber service. Read more...

 

Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »