Billions transferred illegally by foreign companies operating in Algeria.
Well informed sources revealed that the investigations carried out by the joint committees including customs, trade and tax services concerning Algeria based foreign oil companies’ activities, signalled huge sums of tax exodus in addition to hard currencies’ transfer overseas and fictitious salaries allotted to Algerian top managers.
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According to this investigating committee which started its inquiry more than 6 months, a limited number of investigators (10), was not sufficient carry out a thorough inquiry on the foreign companies because it has to do with some 3000 major companies including 700 foreign ones.
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One of the stratagems used by these foreign companies to avoid taxation, according to the first elements of the inquiry, consist in acquiring tax- free equipment used by the oil companies and public works ones than retail it on the Algerian market.
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Four European and American oil companies sealed secret deals with foreign companies overseas, more specifically in London, in order to avoid Algerian taxes as stipulated in the legislation. These practices engendered billions of loses of additional tax revenues for the Algerian treasury.