TUNISIA 2017 BUDGET SPEECH

Tunisia’s Budget for 2017 was presented by Prime Minister Youssef Chahed in December 2016. The new Finance Law 2017 (Law n° 2016-78) was approved and includes several key measures.

Highlights of the Budget

  • The forecast growth of the budget is at 2.5% and the budget deficit narrowing slightly to 5.4%.
  • Income tax rates have been revised for the first time since 1989 to ease tax burdens on the lower income group.
  • 5 percent increase in company taxes has been enacted.
  • Public sector hiring outside of the security forces has been frozen.
  • The new tax law will allow the tax administration to better trace and collect information about taxpayers to ensure compliance with the law.
  • Tunisia aims at increasing transparency in the country’s banking system. The Central Bank of Tunisia, banks, financial institutions, investment companies, stock brokers, and the National Post Office must inform the tax administration of new accounts opened by taxpayers and copies of bank statements within twenty days of a request to do so.

Important Payroll changes:

  • The new tax rates, effective 01 January 2017 are as follows:

  • Professional Fees: The 2017 Finance Law has capped the 10% deduction for professional fees at 2,000 DT per year.

 

Contact our legislation team at info@crs.co.za if you require any additional information.

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