São Paulo – Tax revenues from the oil industry in Algeria reached 569.5 billion Algerian dinars (slightly over US$ 5.8 billion) in quarter one 2015, down 28% from the comparable year-ago period, the Directorate-General of Taxes (GDT) reported this Wednesday (10th), according to news outlet Algérie Presse Service (APS).
The reason was the falling oil prices on the international market. Oil-related tax revenues are a crucial element of the national budget. For the sake of illustration, total quarter-one tax collection was 1.136 trillion dinars (US$ 11.6 billion), i.e. oil accounted for more than half.
Ordinary revenues, comprising taxes, fees and contributions, reached 566.1 billion dinars (roughly US$ 5.8 billion), up 11% from Q1 2014, while overall revenues (ordinary and oil revenues) were down 13%.
Algeria’s oil exports grossed US$ 10.62 billion in Q1 this year, down 31.75% from Q1 2014.
*Translated by Gabriel Pomerancblum
