Algeria: $ 60 billion of tax claims to offset the decline in oil revenues

facturer-clients-790x347The Algerian government will collect an amount of $ 60 billion of tax outstanding debts to offset the decline in oil revenues, said the Minister of Relationsips with Parliament, Khelil Mahi, on the 22nd December.

“Fiscal debts that Algerian businesses and governments are owning the state totaled at $ 60 billion, the equivalent of a full year oil revenues, the main resource of the country,” said Mr. Mahi, indicating that it is “a windfall that could bail out of the public treasury.”

“It is necessary that the recovery must be done in a much more effective way for the next four years. This will complete a little lower oil prices, “he added.

In Algeria, the oil tax contributes 60% to the budget of the country. The hydrocarbon’s revenues, which account for 96% of external revenues of Algeria, fell 1.84% during the first eleven months of 2014 due to the fall in oil prices from 57.23 to 56,200,000,000 dollars, according to figures released on December 21st by the customs.

About Khalid Al Mouahidi 3409 Articles
Khalid Al Mouahidi : A binational from the US and Morocco, Khalid El Mouahidi has worked for several american companies in the Maghreb Region and is currently based in Casablanca, where he is doing consulting jobs for major international companies . Khalid writes analytical pieces about economic ties between the Maghreb and the Mena Region, where he has an extensive network