June 22, 2022 | 5 months ago

National People’s Assembly: adoption of the draft bill on free zones

Members of the National People’s Assembly (NPA) unanimously adopted the draft bill defining the rules governing free zones on Tuesday, in a plenary chaired by NPA President Brahim Boughali, in the presence of several ministers, reports the official news agency.

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According to minister of trade Mr. Rezig the draft bill is an opportunity to develop the national economy and strengthen trade and foreign direct investment and increase the country’s foreign currency revenues.

As part of the enforcement of the law, free trade zones and a company in charge of managing these zones, called the “Société Algérienne des zones franches”, and a national commission for free trade zones placed with the Minister for Trade will be created.

The law provides for the exemption of activities carried out in free zones from all duties, taxes, and levies of a tax, related-tax and customs nature, with the exception of duties and taxes related to vehicles and passenger cars, taxes related to vehicles and cars intended for operation, and also, with the exception of contributions to the social security system.

 


June 22, 2022 | algeria-logo