Tax department issues bleak report over estates’ prices

The battery of measures decided by the Algerian government to curb the frenzy of housing prices didn’t stop the speculation imposed by the estate agents and other entrepreneurs keeping the prices out of reach of the middle –class category despite a number of tax exemption (11 in total) implemented by the tax department aiming at reducing the costs and make housing prices more affordable.

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• The tax department services have recently issued an exhaustive report concerning the taxes that were exempted as part of the new estate taxation which is designed to subsidize the housing sector.
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• The report has been forwarded to the finance ministry and will be put high on the agenda during an upcoming joint ministerial meeting. The document has, in this respect, singled out the negative aspects of these measures noting that the public treasury didn’t benefit from this operation as opposed to the speculators who inflated their pockets.
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• Several reports have revealed that housing prices are still increasing and were not affected by the latest tax exemptions and nor even by the low –rate credits allotted to the acquisition of houses by particulars.