Combating “Square” and Parallel Activities.. Banks and Tax Facilities
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The government is preparing to approve 7 new measures, to attract the amount of 60 billion dollars circulating in the parallel market, by closing the black points for the exchange of hard currency – the square market – and combating the parallel trade of various materials, granting facilities to bank account openers in banking institutions and expanding Islamic financial services, which cause their absence In alienating a large number of citizens from banks, recounting taxpayers and providing detailed data on bank customers, identifying sectors with risks and practices that encourage the development of the informal sector.
The government’s plan of action to implement the President’s program, which will soon be presented to Parliament after its approval during the last cabinet, proposes a set of measures and mechanisms that would enhance the integration of the parallel sector within the main channels in order to limit its negative effects on the national economy.
According to the government’s action plan document, these measures include developing the necessary tools to assess the scope of informal activities in the economic sector and to count potential taxpayers, and then assess the tax losses resulting from these activities.
In this context, the government intends to take measures of integration, stimulus, and control that will help shift parallel activity towards the official sector and restore existing balances in the parallel market and integrate them within official channels.
In the same context, the government’s action plan proposes setting appropriate mechanisms for marketing – that is, freedom of sale through specialized associations and others – and creating the legal status of the self-contractor, supporting youth employment, establishing micro-enterprises, and encouraging traditional and artistic industry activities.
It also includes strengthening communication activities in order to popularize the rights and guarantees of taxpayers and take accompanying measures and facilitation arrangements in the field of tax payment, as well as identifying sectors with risks and practices that encourage the development of the informal sector.
In addition to this, the government’s action plan proposes strengthening oversight through the use of the best methods and tools for collecting, supporting, distributing and exploiting tax information, while developing tools for coordination, consultation, and mixed control at the local and central levels represented by customs, commercial interests, and social security, especially by setting the interface. It allows for database consistency and enhanced guarantees for taxpayers subject to control.
Among other measures, the government’s action plan proposes to continue to simplify the procedures for obtaining a commercial registration and to allocate framed spaces for activities that were previously practiced in the informal sector such as buying, reselling and handicrafts, as well as strengthening the role of emerging institutions as a tool for financial supervision through electronic payment. and electronic commerce.
