Tax departments have necessary capacities to conduct wealth tax-related procedures

The government will establish a list of rich people concerned by wealth as part of the financial draft law. It will include every person who owns more than 5 billion centimes in the form of real-estate, cars, gold or banking accounts.

The finance ministry is expected to present the list to the cabinet in the beginning of 2018.

Finance minister Abderrahmane Raouia told Echorouk people who own more than 5 billion centimes will be submitted to wealth tax. 

The ministry and tax department examine appropriate mechanisms to check people’s wealth which will include cars, real-estate, banking accounts and gold.

The minister added that tax departments has all the necessary capacities to conduct the operation which will be unveiled later.

This comes as Prime Minister Ahmed Ouyahia told senators the wealth tax “will touch about 10 percent of Algerians only.”

Algeria imposed new taxes following the oil crisis which broke out, three years ago. Many political parties and economy experts have called for imposing wealth tax.