Foreign companies money transfer under surveillance in Algeria

Algerian taxes general department started keeping watch on profits transfer of foreign companies based in Algeria by virtue of article No 10 of the finance law, said an official at the department.

• The process will be carried out by the fiscal administration in collaboration with the Bank of Algeria. It will involve more than 1,500 oil, banking, insurances, mines, car, medicine, real-estate and importing companies.
• “The process must be seen as embarrassing for the government and its foreign partners,” the same source told Echorouk.
• “It will impose modern criteria meant to organise the relation between local, foreign economic operators and the fiscal administration,” it added.
• The official said some foreign companies are using legal benefits as part of the investment law to inflate profits to the detriment of the public treasury.
• “Algeria’s experience of opening up its doors to foreign investment did not achieve the expected results.”
• The plan comes within a governmental project meant to give an appropriate role to the fiscal administration in an opened economy based on competition.
• The government will raise the number of the fiscal administration employees who are estimated at 100. They will benefit from training sessions on the fight against fraud and tax evasion.