Yesterday, Tuesday, the National People’s Assembly voted on the Finance Bill for the year 2023, which included a series of measures, whether in relation to investment support or in the tax field, and this is within the framework of a new budget approach centered around goals in order to achieve more efficiency and transparency.
This is related to the first text of the Finance Law, which was prepared according to Organic Law 15/18 related to financial laws, which calls for continuing the state’s efforts to control its financial balances, encourage investment, and promote social gains while continuing the dynamic of growth.
In this regard, the text (Article 9) included a mitigation of the procedure for requiring investors to reinvest 30 percent of the amounts approved for exemptions and reductions related to tax on corporate profits and fees on professional activity granted within the framework of support agencies, while granting the possibility of investing money for investors in startups or incubators. .
Companies that were established within the framework of partnership between public and private companies with foreign companies are also exempted from the obligation to reinvest these tax benefits.
In addition, natural persons who achieve a turnover of no more than 5 million dinars per year are qualified under the basic law of the self-contractor, subjecting them to the only lump sum tax at the rate of 5 percent on the turnover, regardless of the nature of their activity, according to the text of the law.
This measure (Article 49) aims to develop the spirit of entrepreneurship and facilitate the entry of young people into the labor market through self-employment.
It was also allowed to customsize used production lines and equipment, as well as equipment and agricultural equipment that is less than 7 years old, according to the amendments that were voted on by the Council.
In the chapter on investment, the text includes easing the tax burden with regard to fees on companies’ vehicles destined to transport employees, as well as exempting fishing cooperatives and their approved federations from tax on corporate profits.
The interests of deposits in investment accounts of the type of Islamic banking are also exempt from tax on corporate profits, starting from January 1, 2023 for a period of five years.
Within the framework of financial inclusion, it was proposed to harmonize the ceilings related to the exercise of the right to tax deduction for burdens and to pay taxes through the obligation to pay by written means of payment through bank channels, by setting a ceiling of 1 million DZD, with the aim of enhancing financial and economic inclusion and supporting the efforts of the tax administration in combating Money laundering, as well as reducing the risks arising from the use of counterfeit banknotes, in parallel with working to absorb worn out banknotes.
In the part related to the import of cars, the draft law suggested facilitating the import of tourist cars that are less than three years old with tax benefits according to the type of vehicle, by canceling the requirement that this specific import be limited to one time every three years.
In this regard, a license is issued for the customs of tourist cars that are less than three years old and imported by private residents for the purpose of their own use, with the payment of all rights and fees stipulated in accordance with the general law.
In the field of foreign trade, according to the project, the scope of tax exemptions will be expanded to imports of hybrid and electric cars, as well as exempting the import of goods within the framework of border barter from the additional preventive additional fee, as well as imports subject to the special provisions stipulated in the agreements or preferential trade agreements concluded by Algeria. . In the field of housing, it was allowed to guarantee the public treasury at an interest rate of 100 percent and at a reduced interest rate within the framework of the completion of an additional part of the housing units in the form of rental sale.
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