Algerian Tax Amnesty Launched
by Lorys Charalambous, Tax-News.com, Cyprus
13 August 2015
Algeria's tax authority has announced the launch of a tax amnesty, dubbed its "program of voluntary fiscal conformity," effective from August 2, 2015.
Provision for the amnesty was made in Article 43 of the the Additional Finance Act 2015. It is being launched as part of a wider push to improve compliance and work towards a more transparent tax system. The Article states that funds can be deposited into Algerian banks with a flat rate tax charge of seven percent and no further proceedings. This is subject to the condition that the original source of the funds must not have been criminal activity.
The amnesty will run until December 31, 2016.
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