2022 Complementary Finance Law published in Official Gazette

ALGIERS - The Complementary Finance Law for the year 2022, signed, Wednesday, by the President of the Republic, Abdelmadjid Tebboune, was published in the Official Gazette n° 53.

0
51

ALGIERS – The Complementary Finance Law for the year 2022, signed, Wednesday, by the President of the Republic, Abdelmadjid Tebboune, was published in the Official Gazette n° 53.

This is Ordinance No. 22-01 of August 3, 2022, which notably provides for several measures to preserve the purchasing power of citizens.

On the budgetary level, the text provides for an increase in operating expenditure to 7697.01 billion dinars (bn DZD) against 6311.53 billion DZD in the initial finance law (LF 2022) and equipment expenditure to 3913, DZD 17 billion (against DZD 3,546.90 billion in the LF 2022), while the program authorization ceiling has been increased to DZD 3,079.47 billion to cover the cost of reassessments of the current program and the cost of new programs likely to be registered during the year 2022 (compared to DZD 2,448.90 billion in the LF 2022)

The Complementary Finance Law also expects an increase in overall revenue to DZD 7,000.84 billion against DZD 5,683.22 billion in the 2022 FL, thanks to oil taxation which should increase to DZD 3,211.92 billion (against DZD 2,103.90 billion), and ordinary resources (3788.92 billion DZD against 3579.31 billion DZD in the FL 2022).

The new text also introduced a series of legislative and fiscal measures aimed at preserving the purchasing power of citizens, exemption from customs duties and value added tax, for raw sugar when its subjection leads to exceeding the price ceilings set by regulation.

Locally produced white sugar is also exempt from value added tax, at the various stages of distribution, when price ceilings are exceeded.

By virtue of the complementary finance law, any farmer practicing cereal farming benefiting from state support, is bound by the obligation to transfer his wheat and barley production to the Algerian Interprofessional Cereals Office.

LEAVE A REPLY

Please enter your comment!
Please enter your name here