August 11, 2015 / 7:42 AM / 4 years ago

Algeria launches tax amnesty to improve battered public finances

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.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below