ALGIERS – Sunday, 24 December 2023 (APS) – The President of the Republic, Abdelmadjid Tebboune sealed Sunday in Algiers the Finance Act 2024, announced the Presidency of the Republic in a statement.
The signing ceremony took place at the headquarters of the Presidency of the Republic, in the presence of senior State officials, said the source.
The Finance Act 2024, adopted on 14 December by the Council of the Nation (Upper House) and the People’s National Assembly (Lower House) on 5 December, lines up a series of legislative measures meant to the preservation of citizens’ purchasing power through several tax provisions, support for investments and national economy, and the simplification and digitization of tax procedures.
It forecasts a 4.2% economic growth, driven by all activity sectors, with the hydrocarbon sector experiencing nearly 1% growth, boosted by gas exports.
The tax referential price of the barrel of crude oil is maintained at US$60 over the period 2024-2026 while the market price stands at US$70 over the same period.
Moreover, the text forecasts a sharp rise in budget expenditure to DZD15,275.3 billion in 2024 while budget revenues are expected to come in at DZD9,105.3 billion.