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Algeria To Lower Income Tax Amid Rising Food Prices

It is tightening controls in markets to prevent further increase in prices. Traders found responsible for the hiked food prices will have their licenses withdrawn.

Algeria’s President Abdelmadjid Tebboune has ordered a reduction of income tax to “preserve purchasing power” as the country battles rising food prices.

The government is trying to avoid social unrest and has blamed speculation for the increasing prices.

It is tightening controls in markets to prevent further increase in prices. Traders found responsible for the hiked food prices will have their licenses withdrawn.

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The president led a cabinet meeting on Sunday where the soaring food prices was discussed.

President Tebboune called for coordination between agriculture and trade ministries to ensure “maximum control over agricultural products and legumes”, Reuters news agency quotes a statement from the presidency.

The value of the average salary in Algeria has fallen in recent years, Algerie 360 reports.

SourceBBC

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