税务手册-中东-Tax Handbook XXXX FAW

Spring2011METaxHandbook’11FocusontheessentialsFocusontheessentials|METaxHandbook‘11|3AlgeriaBahrainEgyptIranIraqJordanKuwaitLebanonLibyanArabJamahiriyaMoroccoOmanPakistanPalestinianRuledTerritoriesQatarSaudiArabiaSudanSyriaTunisiaUAEYemenHeretomeetyourneeds41420304048566472788898108116124132142150160166176Contents4|METaxHandbook‘11|FocusontheessentialsCurrencyAlgerianDinar(DZD)ForeignexchangecontrolForeigncompanieshavetoregistertheircontractswithabankinAlgeriaandappointaresidenttaxrepresentative.Foreigncontributionstoacompany’scapitalorloansmustberegisteredwiththeBankofAlgeriathroughthecompany’scommercialbankersinAlgeria.Exchangecontrolapprovalisalsorequiredforremittanceofdividends,directors’feesandotherrelatedpartypayments.Dividendsmaynotberemittedfromtradingcompanies.ForeigninvestorsmustpartnerwithanAlgerian-ownedshareholder,limitingforeignownershiptoamaximumof49%.TheNationalBoardofInvestmentmustfirstapproveanyproposedforeigndirectinvestmentproject.Forimportercompanies(rawmaterials,productsandgoodspurchasedforresale),aminimumof30%localparticipationinthecapitalisrequired.ForeigncompanieshavetoregistertheircontractswithabankinAlgeriaandtoappointaresidenttaxrepresentative.AnAlgeriancompanycannotcontractaninternationalloan(includinginternationalintercompanyloan).Accountingprinciples/financialstatementsThe2007AlgerianAccountingLawbecameeffective1January2010forallcommercialcompanies.Thenewaccountingprinciples(SCF)areinlinewithIFRSanditsframework.Aspartofthetransitionphase,allmaterialadjustmentsidentifiedshouldbeaccountedforagainsttheopeningnetequityasof1January2010.AlgeriaFocusontheessentials|METaxHandbook‘11|5AlgeriaPrincipalbusinessentitiesThesearethepubliclimitedliabilitycompany(SociétéParActions,SPA)andtheprivatelimitedliabilitycompany(SociétéàResponsabilitéLimitée,SARL).CorporatetaxationResidenceWhilenodefinitionofresidenceexistsunderAlgeria’staxlaws,acorporationisgenerallyconsideredresidentifitisincorporatedinAlgeria.Branchesofforeigncompaniesandpermanentestablishmentsarealsoconsideredresident.BasisResidentandnon-residentcorporationsaresubjecttotaxontheirAlgeria-sourceincome.TaxableincomeCorporationtaxiscomputedonnetprofitsderivedfromAlgeriansources.TaxationofdividendsDividendsreceivedbetweenAlgeriancompaniesarenotsubjecttowithholdingtaxandareexemptfromtaxinthehandsoftherecipient.CapitalgainsIngeneral,capitalgainsaretaxedasordinaryincome.Forcertainassets,35%reliefisgivenwheretheassetshavebeenheldforupto3years,or70%wheretheassetshavebeenheldforalongerperiod.Thefollowingcapitalgainsareexemptfromtaxorreceivespecialtreatment:capitalgainsrealizedwithinagroupofcompanies,unrealizedgainsfromtherevaluationoffixedassetsiftheyare6|METaxHandbook‘11|FocusontheessentialsAlgeriabookedinaspecialreserveandcapitalgainsresultingfrommergers,divisionsorpartialtransfersofassetsbetweengroupcompaniesinAlgeria.Rolloverreliefisavailablewhereacompanyundertakestoacquiresimilarassetswithin3years.LossesTaxlossesmaybecarriedforwardfor5years.Thecarrybackoflossesisnotpermitted.RateA25%rateappliestocompaniesinvolvedintheservicessector,withtheexceptionofcompaniesintourismforwhicha19%rateapplies.Companiesinvolvedintheproductionsectoraresubjecttoa19%rate.SurtaxNoAlternativeminimumtaxDZD5,000peryearistheminimumcorporatetax.ForeigntaxcreditAlgeriantaxlawdoesnotprovideforunilateraltaxrelief.Ataxtreaty,however,mayprovideforbilateralrelief.ParticipationexemptionSee“Taxationofdividends”,above.HoldingcompanyregimeNoIncentivesTheInvestmentCodeisintendedtoencourageproductiveinvestmentinAlgeria.Itprovidescertaingeneralguaranteesandincentives.Themostsignificantincentivesarea10-yearcorporatetaxandpropertytaxexemptionundersomeFocusontheessentials|METaxHandbook‘11|7Algeriaconditions.Therearealsospecificincentivesfor,e.g.,investmentsbyregion,investmentspromotingenvironmentalprotectionandtheoilindustry.WithholdingtaxDividendsDividendsanddistributionsofprofitpaidtoanon-residentcompanyaresubjecttoa15%withholdingtaxunlesstherateisreducedunderanapplicabletaxtreaty.InterestInterestpaidtoanon-residentisgenerallysubjecttoa10%withholdingtax;a50%rateisapplicabletobearerbonds.Theratemaybereducedunderanapplicabletaxtreaty.RoyaltiesThewithholdingtaxonroyaltiesis24%,unlesstherateisreducedunderanapplicabletaxtreaty.ThesamerateappliestogainsondisposalsofsharesinanAlgeriancompanybyanon-resident.BranchremittancetaxDistributionsofprofitpaidtoanon-residentcompanyaresubjecttoa15%withholdingtaxunlesstherateisreducedunderanapplicabletaxtreaty.OthertaxesoncorporationsCapitaldutyStampdutyontheformationofacompanyis0.5%oftheinitialcapital.PayrolltaxNoRealpropertytaxPropertytaxischargedondevelopedland;taxholidaysmaybeprovidedfornewbuildingsandthoselocatedinspecifieddevelopmentareas.8|METaxHandbook‘11|FocusontheessentialsAlgeriaSocialsecuritySocialsecuritytaxfundsbothpensionsandhealthcare.Theemployerpays26%ofgrosssalaryandtheemployeepays9%ofpre-taxsalary.StampdutyStampdutyisimposedatvaryingratesontransactions,includingtheexecutionofvariousdocumentsanddeeds.TransfertaxAtransfertaxisapp