The Minister of Trade and Export Promotion affirmed that the Finance Law is considered as a unit of measurement and evaluation of the endeavors of each country in everything related to controlling financial balances, encouraging investment and promoting social gains while continuing the dynamic of growth.
During his supervision of the opening of the information day on the Finance Law for the year 2023, the minister revealed that he expects revenues to reach 7.901.9 billion DZD, while payments will amount to about 13786.8 billion DZD, of which 9767 billion DZD is the management budget.
As for the macroeconomic framework budget, the first official in the trade sector explained that this law will be based on a reference price for a barrel of oil at $60 and a market price at $70 per barrel, in addition to the inclusion of several incentive measures such as defining the forms of reinvestment, the beneficiary profit. From angles or exemptions, and within the framework of incentive systems for investment, material and professional incentive fixations, and employment bonds participating in companies and startups.
The minister said that the Finance Law will allow a review of the ceiling for deductions for expenses paid in cash in the amount of 1,000,000.00 DZD instead of 300,000.00 DZD, as well as a review of the ceiling for deducting fees on the added value of invoices paid in cash from DZD 100,000.00 to 1000,000.00 DZD.
As for Islamic finance, Minister Razeeq mentioned that all profits achieved from investment accounts within the framework of Islamic finance benefit from a temporary exemption for a period of 5 years.
With regard to the self-contractor, a preferential rate estimated at 5 percent of the only lump-sum tax was applied to self-contractors, with an annual roofing estimated at 5,000,000.00 DZD as a turnover.
It is noteworthy that the Algerian Chamber of Commerce and Industry organized the information day on the Finance Law, in order to inform economic operators of the new provisions that were included in the Finance Law for the year 2023.
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