Algeria plans to change the way it levies tax on energy projects, to attract foreign investment, El Khabar reported, citing Oil Minister Youcef Yousfi.
Yousfi said proposed amendments to the country’s hydrocarbon law will ease tax pressure on companies operating in difficult areas; tax will be calculated on the basis of projects’ profitability rather than on revenue, the newspaper reported on its website.
The existing system was set up when oil prices were $20 to $30 a barrel and foreign companies have pushed for a change, Khabar cited the minister as saying.
Yousfi also said he hoped a decision on a proposed gas pipeline to Italy will be made by the end of the year, according to the newspaper.
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