Algeria to Reduce Income Tax Amid Soaring Food Prices

Consumers at Ali Mellah produce market in Algeria's capital Algiers. (AFP)
Consumers at Ali Mellah produce market in Algeria's capital Algiers. (AFP)
TT

Algeria to Reduce Income Tax Amid Soaring Food Prices

Consumers at Ali Mellah produce market in Algeria's capital Algiers. (AFP)
Consumers at Ali Mellah produce market in Algeria's capital Algiers. (AFP)

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."



Saudi Chambers Federation Asks Companies to Benefit from Temporary Admission System for Goods

The King Abdullah Economic City Port in Saudi Arabia. (Asharq Al-Awsat)
The King Abdullah Economic City Port in Saudi Arabia. (Asharq Al-Awsat)
TT

Saudi Chambers Federation Asks Companies to Benefit from Temporary Admission System for Goods

The King Abdullah Economic City Port in Saudi Arabia. (Asharq Al-Awsat)
The King Abdullah Economic City Port in Saudi Arabia. (Asharq Al-Awsat)

The Saudi Chambers Federation is making rapid efforts to ensure that all local companies and institutions can benefit from this international customs system after Saudi Arabia issued its first ATA Carnet (Temporary Admission Document) last week.

The ATA Carnet is an international customs document issued by an authorized chamber of commerce. It simplifies customs procedures for the temporary admission of various types of goods into countries that are part of the international ATA Carnet guarantee chain, without restrictions, duties, or taxes.

According to information available to Asharq Al-Awsat, the Saudi Chambers Federation has informed all companies and institutions that the federation’s ATA Carnet unit will now be accepting service requests from interested parties.

This step follows the federation's acceptance as an issuing and guaranteeing body for the ATA Carnet, granting carnet holders exemption from customs duties and taxes in member countries’ customs checkpoints.

On Thursday, the Saudi Chambers Federation announced the issuance of the first ATA Carnet since the system was officially implemented. Saudi Arabia has now become the 80th country globally to adopt this international customs system.

In June, the Saudi Zakat, Tax, and Customs Authority announced that it would start accepting ATA Carnets across all its land, sea, and air customs points. The move is part of the Kingdom’s commitment to the Istanbul Convention, which supports the business sector and bolsters Saudi Arabia’s position as a global destination for events, exhibitions, and activities.

The authority added that accepting the ATA Carnet is a positive step toward enabling the growth of the international events, exhibitions, and conferences sector. It also supports efforts to attract global exhibitions and conferences while adhering to international best practices and boosting the country’s status as a global destination for economic, tourism, and entertainment events.

The goods eligible for temporary import under the ATA Carnet include items intended for display or use at exhibitions, markets, meetings, or similar events, professional equipment, containers, pallets, packing materials, samples, and other goods related to commercial processes. It also applies to goods imported for educational, scientific, or cultural purposes.