160 Thousand Billion Dinars “Grabbed” From Algerians’ Pockets Within 9 Months

The retrieval of ordinary taxation witnessed a hike to almost 6% at the end of November 2016 compared to the same period last year, Finance Minister Hadj Baba Ammi said on Sunday in Algiers.

Better still; the finance minister revealed that the relevant authorities are expected to recover more taxation than it was defined in the 2017 budget, by forecasting to this effect an increase of more than 10% in comparison with last year. 

Taking the floor during a press briefing on the sidelines of the launching ceremony of the tax declaration and tele-payment tax operation, the minister said that his department is in the process of working out a set of mechanisms to recover the tax money from the informal trading sector with on focus the probable launch of an interest-free bond, but based on a gain that will be indexed to the rate of economic growth. 

Mr Baba Ammi also spoke of the possibility of convincing the banking institutions to innovate in terms of products that will be in keeping with the requirements of the Algerian society.

The launching ceremony of this brand-new payment procedure which took place on Sunday morning at the headquarters of the Ministry of Finance, is destined to allow taxpayers pay their taxes in a few minutes and through the newly-devised Electronic website “Jibaya Tic”.

For Finance Minister Mr Hadji Baba Ammi, “this procedure comes in the framework of a special financial situation that requires the setting up of a proper mechanism facilitating financial operations”. 

According to the minister, this scheme is only a pilot operation that will be generalized in case of success with the involvement of large companies towards other taxpayers.

Mr Hadji Baba Ammi warned against the adverse “dumping” practice by some ill-advised insurance companies.

He pointed in this line to an under-supply in the national insurance sector. “Some companies did not make provisions according to the real average cost and these failing companies could have legal problems,” he warned. 

These companies are monitored by the Insurance Supervision Commission, said the finance minister who pledged to take remedial action to “regulate this sector gradually”.