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Algeria to reduce income tax amid soaring food prices

Algeria to reduce income tax amid soaring food prices
© Reuters. FILE PHOTO: People buy vegetables and fruits in a market in Algiers, Algeria October 15, 2017. REUTERS/Ramzi Boudina

ALGIERS (Reuters) – Algerian President Abdelmadjid Tebboune on Sunday ordered his government to reduce tax on overall income amid soaring food prices in the drought-hit North African country, the presidency said.

Avoiding social unrest has been a priority for authorities in Algeria where the middle class has been hit by soaring prices for some food products.

The government has blamed speculation for the upward trend of prices, including vegetables, fruits and meat, prompting it to tighten control at markets.

Tebboune “stressed the need to take all measures to preserve the purchasing power,” the presidency said in a statement after a cabinet meeting.

“We need tight coordination between the ministries of agriculture and trade with the aim of maximum control over agricultural products and legumes.”

Source: Investing.com

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