Regulatory Alerts2005-01-01
Law No. 2004-044 on the Finance Law for 2005
The Presidency of Madagascar issued Law No. 2004-044, the Finance Law for 2005, to consolidate economic recovery and implement comprehensive fiscal and budgetary reforms. The legislation mandates tax and customs restructuring, including tariff simplification, IT system integration (SIGTAS/Sydonia ++), and a definitive shift to the Ariary, while establishing a program budget and medium-term expenditure framework to optimize public spending. It sets clear 2005 targets of at least 7% economic growth, 5% inflation, and a 4.4% budget deficit, supported by sustained international debt relief and strengthened revenue collection mechanisms.
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