Bouteflika signs 2009 Algeria draft budget
2008-12-31
Algerian President Abdelaziz Bouteflika signed on Tuesday (December 30th) the draft budget for 2009 based on an oil price of $37 dollars per barrel. The budget projects 3.5% inflation and 4% economic growth, APS reported. It also encourages investment, simplifies the tax system and creates a national agency charged with investigating tax evasion and fraud. Algeria set new requirements for foreign investors, such as a 15% percent tax on profits remitted overseas. The increase will be used to subsidise food staples and complete the 2005-2009 supplementary programme for growth.
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