ALGIERS (Reuters) - Algeria launched a tax amnesty on Monday to boost battered government finances as it grapples with a 50 percent fall in oil revenue.
Analysts estimate authorities lose $4 billion annually by tax fraud. The tax amnesty, aimed at ordinary Algerians who should pay income tax at 7 percent, will end in December 2016, the tax department said in a statement.
Algeria’s oil and gas revenues are expected to fall this year to $34 billion from the $68 billion earned in 2014, officials have said, as world oil prices have slumped.
Algerian imports are forecast at $57.3 billion for 2015, exceeding by far exports for the first time. Algeria has already frozen a series of development programmes, particularly in the public work sector.