This is how France’s Sanofi smuggled euros from Algeria

Algerian finance minister Hadji Baba Ami said the Sanofi hard currency smuggling case is handled by a court in El Harrach. This comes as the French company appealed judicial decisions.

The minister Thursday explained to Parliament how the laboratory smuggled hard currency in 2011. Customs noticed overstated figures in imports invoices. This would have been followed by smuggling hard currency. The operation was conducted in three steps. The real value of imported products was overstated at the Algiers Airport.

The minister added that customs administration found out that Sanofi overstated its declared imported products price.

Speaking about new tax measures, Baba Ami said there will be no tax pressure. VAT will not have a snow ball effect on Algerian consumers.

“VAT in Algeria will remain low although it will be raised by 2 percent in the Financial Draft Act 2017. In the Arab Maghreb’s countries, VAT is between 25 and 30 percent,” said the minister.