November 23, 2022 | 3 days ago

NPA: The main changes introduced to the 2023 Finance Bill

NPA: The main changes introduced to the 2023 Finance Bill

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In the wake of these amendments, a new version of Article 7 was adopted, which provides for the exemption of fisheries and aquaculture cooperatives and approved federations from the IBS (Corporate Tax).

This exemption also includes interest earned on deposits in Islamic finance-type investment accounts from 1 January 2023 for a period of five years, according to amendments approved by MPs.

In addition, natural persons with a turnover of less than 5 million Da/year will be eligible for the Self-Entrepreneur Law, according to this law.

Article 65 of the Finance Bill was amended by authorizing the clearance of production lines and equipment less than five years old and agricultural equipment and equipment less than seven years old.

Other new articles have been adopted, such as Article 44a amending Article 74 of the tax procedures stipulating the reduction of the amount paid from 30 to 20 % of taxes, subject to dispute at the competent tax revenue in order to facilitate and confer more flexibility in the resolution of tax disputes and strengthen the revenue, according to the NPA's Finance and Budget Committee.

MPs also voted in favour of the amendment to Article 20 stipulating the exemption of certain vehicles from value added tax (VAT), by defining the cylinder volume of all-terrain vehicles (4*4) by 1,800 cm3 (instead of 2,500 cm3).

Thus, NPA members voted on a proposal to increase the right of movement on alcoholic beverages provided for in Article 02 of the Indirect Tax Code.

MPs also amended Article 56 on the recovery by the relevant departments of the Ministry of National Defense of light all-terrain vehicles, motorcycles and energy production equipment seized in the context of the fight against terrorism and smuggling and finally acquired by the State Treasury for a concession without compensation.

November 23, 2022 | algeria-logo