Private Banks and foreign companies under the tax department's scrutiny

The Algerian authorities have decided to shift the imposition of taxes from the hydrocarbons to other sectors of activity with on focus those private Banks and foreign companies which garner exceptional annual profits. 

• It should be noted that the relevant taxes have already been imposed for some time now on the hydrocarbons sector in Algeria.
• The government is now intent on imposing additional taxes in relation with the enormous financial spin-offs garnered notably by private Banks and subsidiaries of foreign firms operating in Algeria.
•  An economic expert Malek Serri told Echorouk that the net profits garnered by these targeted companies outside the hydrocarbons’ sector are estimated at between 30 and 80% of their overall yearly income.
• In order to shore up the state budget, the authorities have decided such a measure which concerns among others, the private Banks, insurance companies, car selling firms, trading companies and some specialized foreign laboratories operating on Algerian soil.
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