Latest news with #2024FinanceLaw
African Manager
2 days ago
- Automotive
- African Manager
Deregulated pricing for electric vehicle charging in Tunisia!
Tunisia aims to reach 50,000 electric vehicles (EVs), 5,000 charging stations and 50MW of installed power by 2030, up from just 500 EVs, 500 charging points, and 5MW by 2025. To support this transition, the 2024 Finance Law reduces VAT on EVs from 19% to 7%, cuts registration fees by 50%, and halves the annual road tax (vignette). Fethi Hanchi, Director-General of the National Agency for Energy Management (ANME) affirmed that EV charging prices will be deregulated, meaning the government will not impose fixed rates. In an interview with AfricanManager, Hanchi explained that charging station installation costs vary by capacity and power type. For instance a a 100kW fast charger costs 400,000 dinars, while a 22kW standard charger costs under 20,000 dinars. He emphasized that the state is implementing measures to boost EV adoption and accelerate the energy transition. 70 state-owned companies switch to EVs ANME has been tasked with procuring EVs for 70 state-owned companies, funded by their own budgets with support from the Energy Transition Fund. Each vehicle will cost around 75,000 dinars and a tender will be launched soon. New technical specifications finalized On another hand, he stated that a new regulatory framework for charging stations is in its final stages, developed in collaboration with industry stakeholders. This will allow entrepreneurs and businesses to invest in charging infrastructure. Hanchi added that gas stations will also be permitted to install EV chargers under revised regulations to be published soon. Moreover, following discussions between the Ministry of Trade and the **Ministry of Industry and Energy, EVs have been excluded from import quotas; with a dedicated quota system to help dealers better assess market demand. Survey: 20% of Tunisians considering EVs A survey by **Emrhod Consulting** revealed that '20% of Tunisians are willing to buy an EV in the near future. It also revealed that nearly 29% plan to purchase a car (new or used) in 2025. The survey among a representative sample of the Tunisian population was conducted to gauge their perceptions of and expectations for the sector. The results revealed that 47% of respondents would opt for a combustion engine, 17% for a plug-in hybrid vehicle, and 14% for an electric vehicle. According to this survey, purchase price is the main factor influencing vehicle choice, at 49%. This is followed by fuel consumption (47%), aesthetics and design (33%), the availability of spare parts (32%), and maintenance costs (31%). In terms of preferred body types, saloons remain the most popular choice (45%), followed by sports utility vehicles (31%) and compact city cars (15%). The survey also found that 80% of respondents take maintenance costs into account when purchasing a vehicle. Finally, 75% of those surveyed said that the country of origin of the vehicle was important to them (40% considered this criterion very important and 35% considered it fairly important). New measures to encourage electric mobility by 2030 Secretary of State to the Minister of Industry, Mines and Energy in charge of Energy Transition, Wael Chouchane, stressed that regulatory, pricing, technical, institutional and economic measures have been developed to promote electric cars in Tunisia. He confirmed that, at a regulatory level, the decision had been made to consider the charging of electric vehicle batteries as a 'service' for which electricity is one of the various inputs. He said that a draft decree had been prepared to this effect, enabling all aspects of the recharging service to be organized in accordance with a set of specifications. Regarding the regulatory framework, Chouchane said that the standard relating to the nomenclature of Tunisian activities had been updated to include the recharging of electric vehicle batteries, and that a decree updating the NT120 standard was currently being adopted. He also announced that the Department of Industry is developing a national electric mobility strategy to promote improved energy performance in the transport sector and reduce its carbon footprint. This strategy will define clear objectives regarding the number of electric cars and charging points in line with the national energy transition, ecological transition and low-carbon development strategies. He pointed out that the transport sector in Tunisia is the biggest consumer of energy, accounting for around one-third of final energy consumption and over 50% of petroleum product consumption.
African Manager
05-03-2025
- Business
- African Manager
Tunisia's public debt reaches 135 billion dinars in 2024
According to the provisional results of the state budget execution at the end of December 2024, public debt has reached 135 billion dinars. Compared to the end of 2023, public debt increased by 8.3 billion dinars, equivalent to a rise of 6.6%, representing a slower growth rate than nominal GDP. As a result, the public debt-to-GDP ratio decreased from 84.6% in 2023 to 81.2% at the end of December 2024. It is worth noting that the 2024 Finance Law projected public debt to reach 139.9 billion dinars by the end of the year. Between 2023 and 2024, domestic public debt increased by 12.9 billion dinars (+21.5%), reaching 72.7 billion dinars, while external public debt decreased by 4.5 billion dinars (-6.8%) to 62.3 billion dinars. The share of domestic public debt in total public debt rose from 47.2% at the end of 2023 to 53.8% as of December 31, 2024. Conversely, the share of external public debt decreased from 52.8% to 46.2%. It is noteworthy that 55.8% of external public debt is denominated in euros and 31.2% in dollars. Public debt owed to the international financial market represents 12.75%, compared to 21.95% in bilateral debt and 65.3% in multilateral debt. The decline in the proportion of external public debt is attributed to raising external funds below the budgeted amounts. As of December 31, 2024, the state mobilized external borrowings of 3.5 billion dinars, compared to the 16.4 billion dinars planned in the 2024 Finance Law.
Morocco World
05-02-2025
- Business
- Morocco World
Tax Revenues in Morocco Surpass 2024 Target, Reach 110%
Rabat - Currently standing at 110.8%, Morocco's tax revenues have outpaced all expectations to beat the forecast set by the 2024 Finance Law. Fouzi Lekjaa, Minister Delegate for Budget, revealed these upbeat figures while addressing the House of Councillors, the upper chamber of the Moroccan parliament. This positive performance also means that the on-tax revenues also outstripped projections to reach 104%, he explained. On the other hand, revenues climbed by MAD 37.6 billion ($3.7 billion) as compared to the same period in 2023. The growth rate of tax revenues reached 7.9% between 2020 and 2021, while between 2021 and 2024, it reached 11.9%. Because of the rise in revenues for various headings, income tax spiked by MAD 9.5 billion ($948 million) and corporate tax by MAD 8.4 billion ($838). Value-added tax (VAT) also increased, domestic VAT went up by MAD 6.1 billion ($608 million), and import VAT increased by MAD 6.3 billion ($628). Excise duties equally increased by MAD 3.7 billion ($370 million), customs duties by MAD 1.4 billion ($140 million), and registration and stamp duties by MAD 1.5 billion ($150 million). Read also: Akhannouch: Tax Relief Push Continues as Morocco's Economy Shows Strong Indicators To top it all, the 2024 voluntary tax regularization scheme, a tax amnesty program that allows Moroccans to declare assets and liquidity stored outside of Morocco's banking system, set a rate of 5% on declared assets, and expenditures generated MAD 125 billion ($12.5 billion). Of this, MAD 77 billion ($7.7 billion) resulted from banking declarations, while 8,000 persons declared MAD 48 billion ($4.8 billion) to the tax administration. This measure contributed MAD 6 billion ($600 million) to state finances, Lekjaa revealed. According to the minister, the strong dynamics of revenues and controlled expenses have increased. the budget deficit to 3.9% in 2024 against 4.4% in 2023 and 5.4% in 2022. Financial stability and good debt management would solidify the confidence of both financial operators and international partners in Morocco's grand development projects ahead of the 2030 World Cup, he concluded.
African Manager
15-01-2025
- Business
- African Manager
Tunisia's budget deficit stands at 2.9 billion dinars at end of November 2024
Tunisia's budget deficit had fallen by 8.7% to 2.9 billion dinars, at the end of November 2024, compared with a deficit of 3.2 billion dinars in 2023. The 2024 Finance Law foresees a budget deficit of around 11.5 billion dinars (6.6% of GDP) for 2024 as a whole, compared with 11.3 billion dinars (7.5% of GDP) in 2023. According to the preliminary results of the execution of the State budget up to the end of November 2024, this reduction in the deficit is due to the fact that budgetary resources, especially tax revenues, are increasing at a faster rate than expenditures. The State's budgetary resources increased by 5.9% to 40.6 billion dinars, compared to 38.4 billion dinars a year earlier. This increase was mainly due to a 9.6% rise in tax revenues, from 34.4 billion dinars to 37.7 billion, accounting for 92.7% of budgetary resources, while non-tax revenues fell by 30.9% to 2.3 billion dinars. In terms of tax revenues, direct taxes increased by 11.2% to 15.8 billion dinars at the end of November. Specifically, personal income tax rose by 9% to 11.3 billion dinars, including 7.8 billion dinars from payroll taxes (+8.1%). Corporate tax revenues rose by 17.2% to 4.5 billion dinars, driven by a 31% increase in taxes on oil companies, which amounted to 1 billion dinars. Taxes on non-oil companies increased by 13.4% to 3.4 billion dinars. Indirect taxes increased by 8.5% to 21.9 billion dinars. This increase was mainly due to a 7% rise in VAT to 10.2 billion dinars, an 11.4% rise in customs duties to 1.8 billion dinars and a 6.1% rise in excise duties to 3.6 billion dinars. Total government expenditure rose by 4.9% in 2024 to 43 billion dinars, compared with 41 billion dinars the previous year. This budgetary cost is made up of 20.3 billion dinars in salary expenditure (+3.6%), 10.9 billion dinars in intervention expenditure (+1%) and 5.7 billion dinars in financing costs (interest on debt, +12%). On the other hand, capital expenditure increased by only 2.1% to 3.9 billion dinars at the end of November 2024, compared to 3.8 billion dinars a year earlier.
