ALGERIA - Protests against new law in favour of foreign investment

Protests arose in Algeria on November 14, after it became official that a new draft law on Algeria's Energy Sector hast been sent to the Cabinet on October 14. The protesters claim, that the nation's wealth is sold to multinational corporations even more.

Algeria is Africa's third largest oil producer and a top 10 global gas producer. Since last year a popular movement arose against the government of Bouteflika. The current government was named by former president Bouteflika two days before he resigned in April under pressure from the protests.

The new law aims to "make the legislative and tax framework more attractive, simple and flexible, to draw more (foreign) investments in the oil and gas sector," said PerFor, who works at the Policy Center for the New South in Morocco.

The text reshapes taxation, notably with a fixed 30-percent tax on profits and the elimination of a tax on windfall gains.

#Algeria #lawonenergy #AbdelazizBouteflika #oil